++++

++++

FIRST COUNCIL DIRECTIVE

RAADETS FOERSTE DIREKTIV

OF 5 MARCH 1979

af 5 . marts 1979

ON THE COORDINATION OF LAWS , REGULATIONS AND ADMINISTRATIVE PROVISIONS RELATING TO THE TAKING UP AND PURSUIT OF THE BUSINESS OF DIRECT LIFE ASSURANCE

om samordning af de administrativt og ved lov fastsatte bestemmelser om adgang til og udoevelse af direkte livsforsikringsvirksomhed

( 79/267/EEC )

( 79/267/EOEF )

THE COUNCIL OF THE EUROPEAN COMMUNITIES ,

RAADET FOR DE EUROPAEISKE FAELLESSKABER HAR -

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY , AND IN PARTICULAR ARTICLES 49 AND 57 THEREOF ,

under henvisning til traktaten om oprettelse af Det europaeiske oekonomiske Faellesskab , saerlig artikel 49 og 57 ,

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ( 1 ) ,

under henvisning til forslag fra Kommissionen ( 1 ) ,

HAVING REGARD TO THE OPINION OF THE EUROPEAN PARLIAMENT ( 2 ) ,

under henvisning til udtalelse fra Europa-Parlamentet ( 2 ) ,

HAVING REGARD TO THE OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE ( 3 ) ,

under henvisning til udtalelse fra Det oekonomiske og sociale Udvalg ( 3 ) , og

WHEREAS , IN ORDER TO FACILITATE THE TAKING UP AND PURSUIT OF THE BUSINESS OF LIFE ASSURANCE , IT IS ESSENTIAL TO ELIMINATE CERTAIN DIVERGENCES WHICH EXIST BETWEEN NATIONAL SUPERVISORY LEGISLATION ; WHEREAS , IN ORDER TO ACHIEVE THIS OBJECTIVE AND AT THE SAME TIME ENSURE ADEQUATE PROTECTION FOR POLICY-HOLDERS AND BENEFICIARIES IN ALL MEMBER STATES , THE PROVISIONS RELATING TO THE FINANCIAL GUARANTEES REQUIRED OF LIFE ASSURANCE UNDERTAKINGS SHOULD BE COORDINATED ;

ud fra foelgende betragtninger :

WHEREAS A CLASSIFICATION BY CLASS OF INSURANCE IS NECESSARY IN ORDER TO DETERMINE , IN PARTICULAR , THE ACTIVITIES SUBJECT TO COMPULSORY AUTHORIZATION ;

For at lette adgangen til og udoevelsen af disse former for livsforsikringsvirksomhed er det vigtigt at fjerne visse forskelle i de nationale tilsynslovgivninger ; for at naa dette maal , samtidig med at der garanteres forsikringstagerne og de begunstigede i alle medlemsstaterne en tilstraekkelig beskyttelse , boer navnlig saadanne bestemmelser samordnes , som vedroerer de finansielle garantier , der kraeves af livsforsikringsforetagender ;

WHEREAS CERTAIN MUTUAL ASSOCIATIONS WHICH , BY VIRTUE OF THEIR LEGAL STATUS , FULFIL REQUIREMENTS AS TO SECURITY AND OTHER SPECIFIC FINANCIAL GUARANTEES SHOULD BE EXCLUDED FROM THE SCOPE OF THIS DIRECTIVE ; WHEREAS CERTAIN ORGANIZATIONS WHOSE ACTIVITY COVERS ONLY A VERY RESTRICTED SECTOR AND IS LIMITED BY THEIR ARTICLES OF ASSOCIATION SHOULD ALSO BE EXCLUDED ;

det er noedvendigt at foretage en inddeling efter forsikringsklasse navnlig for at bestemme , hvilke former for virksomhed der er genstand for en obligatorisk tilladelse ;

WHEREAS THE MEMBER STATES HAVE DIFFERENT REGULATIONS AND PRACTICES AS TO THE SIMULTANEOUS CARRYING ON OF LIFE ASSURANCE AND NON-LIFE INSURANCE ; WHEREAS NEWLY FORMED UNDERTAKINGS SHOULD NO LONGER BE AUTHORIZED TO CARRY ON THESE TWO ACTIVITIES SIMULTANEOUSLY ; WHEREAS MEMBER STATES SHOULD BE ALLOWED TO PERMIT EXISTING UNDERTAKINGS WHICH CARRY ON THESE ACTIVITIES SIMULTANEOUSLY TO CONTINUE TO DO SO PROVIDED THAT SEPARATE MANAGEMENT IS ADOPTED FOR EACH OF THEIR ACTIVITIES , IN ORDER THAT THE RESPECTIVE INTERESTS OF LIFE POLICY-HOLDERS AND NON-LIFE POLICY-HOLDERS ARE SAFEGUARDED AND THE MINIMUM FINANCIAL OBLIGATIONS IN RESPECT OF ONE OF THE ACTIVITIES ARE NOT BORNE BY THE OTHER ACTIVITY ; WHEREAS , WHEN ONE OF THE UNDERTAKINGS WISHES TO ESTABLISH ITSELF IN A MEMBER STATE TO PURSUE LIFE ASSURANCE IN THAT STATE , IT SHOULD SET UP A SUBSIDIARY FOR THAT PURPOSE , WHICH MAY BE ELIGIBLE ON A TRANSITIONAL BASIS FOR CERTAIN FACILITIES ; WHEREAS , MEMBER STATES SHOULD BE GIVEN THE OPTION OF REQUIRING THOSE EXISTING UNDERTAKINGS ESTABLISHED IN THEIR TERRITORY WHICH CARRY ON LIFE ASSURANCE AND NON-LIFE INSURANCE SIMULTANEOUSLY TO PUT AN END TO THIS PRACTICE ; WHEREAS , MOREOVER , SPECIALIZED UNDERTAKINGS SHOULD BE SUBJECT TO SPECIAL SUPERVISION WHERE A NON-LIFE UNDERTAKING BELONGS TO THE SAME FINANCIAL GROUP AS A LIFE UNDERTAKING ;

visse gensidige forsikringsselskaber boer udelukkes fra dette direktivs anvendelsesomraade , da de paa grund af deres juridiske status opfylder saerlige sikkerhedsbetingelser og frembyder saerlige finansielle garantier ; desuden boer visse organer , hvis virksomhed kun omfatter en meget begraenset sektor , og som er begraenset af vedtaegtmaessige bestemmelser , udelukkes ;

WHEREAS LIFE ASSURANCE IS SUBJECT TO OFFICIAL AUTHORIZATION AND SUPERVISION IN EACH MEMBER STATE ; WHEREAS THE CONDITIONS FOR THE GRANTING OR WITHDRAWAL OF SUCH AUTHORIZATION SHOULD BE DEFINED ; WHEREAS PROVISION MUST BE MADE FOR THE RIGHT TO APPLY TO THE COURTS SHOULD AN AUTHORIZATION BE REFUSED OR WITHDRAWN ;

medlemsstaterne har forskellige bestemmelser og saedvaner for samtidig udoevelse af livsforsikring og skadesforsikring ; det boer ikke mere tillades foretagender , som nedsaetter sig , at udoeve saadan samtidig virksomhed ; for saa vidt angaar bestaaende foretagender , som allerede udoever en saadan samtidig forsikringsvirksomhed , boer man give medlemsstaterne mulighed for at tillade viderefoerelse af en saadan praksis paa betingelse af , at der etableres en saerskilt forvaltning for hver af de paagaeldende forsikringsformer , for at de livsforsikredes og de skadesforsikredes respektive interesser kan varetages , og for at de finansielle mindsteforpligtelser , der paahviler en af disse former for virksomhed , ikke afholdes af den anden form for virksomhed ; naar et af disse foretagender oensker at etablere sig i en medlemsstat for der at udoeve livsforsikring , skal det med henblik herpaa oprette et datterselskab , som midlertidigt vil kunne drage fordel af visse lempelige vilkaar ; for saa vidt angaar disse bestaaende foretagender , som udoever samtidig virksomhed , boer medlemsstaterne ligeledes have mulighed for at kraeve , at disse fortagender , der er etableret paa deres omraade , ophoerer med denne samtidige virksomhed ; i oevrigt boer specialiserede foretagender underkastes et saerligt tilsyn , saafremt et skadesforsikringsforetagende henhoerer under samme oekonomiske gruppe som et livsforsikringsforetagende ;

WHEREAS , AS REGARDS TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , THE SAME RULES MAY BE ADOPTED AS IN THE CASE OF NON-LIFE INSURANCE , NAMELY , THEY MUST BE LOCALIZED IN THE COUNTRY WHERE ACTIVITIES ARE CARRIED ON AND THE RULES OF THAT COUNTRY ARE TO GOVERN THE METHODS OF CALCULATION , THE DETERMINATION OF INVESTMENT CATEGORIES AND THE VALUATION OF ASSETS ; WHEREAS , ALTHOUGH IT IS DESIRABLE THAT THESE VARIOUS SUBJECTS SHOULD BE COORDINATED , THIS IS NOT ESSENTIAL FOR THE PURPOSES OF THIS DIRECTIVE AND MAY BE CARRIED OUT SUBSEQUENTLY ;

i hver medlemsstat er livsforsikringsvirksomhed betinget af en administrativ tilladelse og undergivet tilsyn ; men betingelserne for meddelelse og tilbagekaldelse af en saadan tilladelse boer fastsaettes naermere ; det er noedvendigt at indfoere adgang til domstolsproevelse af beslutninger om afslag eller tilbagekaldelse ;

WHERE IT IS NECESSARY THAT , OVER AND ABOVE TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , OF SUFFICIENT AMOUNT TO MEET THEIR UNDERWRITING LIABILITES , INSURANCE UNDERTAKINGS SHOULD POSSESS A SUPPLEMENTARY RESERVE , KNOWN AS THE SOLVENCY MARGIN , REPRESENTED BY FREE ASSETS AND , WITH THE AGREEMENT OF THE SUPERVISORY AUTHORITY , BY OTHER IMPLICIT ASSETS , IN ORDER TO PROVIDE AGAINST BUSINESS FLUCTUATIONS ; WHEREAS , IN ORDER TO ENSURE THAT THE REQUREMENTS IMPOSED FOR SUCH PURPOSES ARE DETERMINED ACCORDING TO OBJECTIVE CRITERIA WHEREBY UNDERTAKINGS OF THE SAME SIZE WILL BE PLACED ON AN EQUAL FOOTING AS REGARDS COMPETITION , IT IS DESIRABLE TO PROVIDE THAT THIS MARGIN SHALL BE RELATED TO ALL THE COMMITMENTS OF THE UNDERTAKING AND TO THE NATURE AND GRAVITY OF THE RISKS PRESENTED BY THE VARIOUS ACTIVITIES FALLING WITHIN THE SCOPE OF THE DIRECTIVE ; WHEREAS THIS MARGIN SHOULD THEREFORE VARY ACCORDING TO WHETHER THE RISKS ARE OF INVESTMENT , DEATH OR MANAGEMENT ONLY ; WHEREAS IT SHOULD ACCORDINGLY BE DETERMINED IN TERMS OF MATHEMATICAL RESERVES AND CAPITAL AT RISK UNDERWRITTEN BY AN UNDERTAKING , OF PREMIUMS OR CONTRIBUTIONS RECEIVED , OF RESERVES ONLY OR OF THE ASSETS OF TONTINES ;

for saa vidt angaar de tekniske reserver , herunder praemiereserven , kan man vedtage de samme regler , som gaelder inden for skadesforsikring : lokalisering i det land , hvor virksomheden udoeves , anvendelse af de i dette land gaeldende regler med hensyn til beregningsmetoder , fastsaettelse af anbringelsesmaader og vaerdiansaettelse af aktiverne ; selv om det forekommer hensigtsmaessigt at samordne disse forskellige forhold , forkommer det dog ikke absolut noedvendigt , at dette sker inden for rammerne af dette direktiv , og gennemfoerelsen heraf kan derfor udsaettes til et senere tidspunkt ;

WHEREAS IT IS NECESSARY TO REQUIRE A GUARANTEE FUND , THE AMOUNT AND COMPOSITION OF WHICH ARE SUCH AS TO PROVIDE AN ASSURANCE THAT THE UNDERTAKINGS POSSESS ADEQUATE RESOURCES WHEN THEY ARE SET UP AND THAT IN THE SUBSEQUENT COURSE OF BUSINESS THE SOLVENCY MARGIN IN NO EVENT FALLS BELOW A MINIMUM OF SECURITY ; WHEREAS THE WHOLE OR A SPECIFIED PART OF THIS GUARANTEE FUND MUST CONSIST OF EXPLICIT ASSET ITEMS ;

det er noedvendigt , at forsikringsforetagenderne ud over de tekniske reserver , herunder praemiereserven , som skal vaere tilstraekkelig til at opfylde indgaaede forpligtelser , raader over en supplerende reserve , en saakaldt solvensmargen , i form af frie midler og , efter aftale med tilsynsmyndigheden , af andre implicitte formuebestandele , for at kunne imoedegaa de med virksomhedsudoevelsen forbundne risici ; for i denne forbindelse at sikre at de paabudte forpligtelser fastsaettes paa grundlag af objektive kriterier , der giver foretagender af samme stoerrelse ensartede konkurrencevilkaar , boer det bestemmes , at denne margen skal staa i forhold til foretagendets samlede forpligtelser samt til risikoens art og stoerrelse inden for de forskellige former for udoevelse af forsikringsvirksomhed , som falder ind under dette direktivs anvendelsesomraade ; denne margen boer vaere forskellig , alt efter om det drejer sig om investeringsrisiko , doedelighedsrisiko , eller udelukkende om driftsrisiko ; foelgelig skal denne margen fastsaettes paa grundlag snart af praemiereserven og den risikosum , som foretagendet har paataget sig ansvaret for , snart af indbetalte praemier eller kontingenter , snart udelukkende paa grundlag af reserverne eller endelig paa grundlag af tontinernes formue ;

WHEREAS IT IS NECESSARY TO PROVIDE FOR MEASURES IN CASES WHERE THE FINANCIAL POSITION OF THE UNDERTAKING BECOMES SUCH THAT IT IS DIFFICULT FOR IT TO MEET ITS UNDERWRITING LIABILITIES ;

det er noedvendigt at kraeve en garantifond , hvis stoerrelse og sammensaetning skal kunne sikre , at foretagenderne allerede ved deres stiftelse raader over tilstraekkelige midler , og at solvensmargenen i intet tilfaelde under udoevelse af virksomheden falder under et sikkerhedsminimum ; denne garantifond skal helt eller delvis bestaa af eksplicitte formuebestanddele ;

WHEREAS THE COORDINATED RULES CONCERNING THE PURSUIT OF THE BUSINESS OF DIRECT INSURANCE WITHIN THE COMMUNITY SHOULD , IN PRINCIPLE , APPLY TO ALL UNDERTAKINGS OPERATING ON THE MARKET AND , CONSEQUENTLY , ALSO TO AGENCIES AND BRANCHES WHERE THE HEAD OFFICE OF THE UNDERTAKING IS SITUATED OUTSIDE THE COMMUNITY ; WHEREAS IT IS NEVERTHELESS DESIRABLE AS REGARDS THE METHODS OF SUPERVISION TO LAY DOWN SPECIAL PROVISIONS FOR SUCH AGENCIES OR BRANCHES , IN VIEW OF THE FACT THAT THE ASSETS OF THE UNDERTAKINGS TO WHICH THEY BELONG ARE SITUATED OUTSIDE THE COMMUNITY ;

det er noedvendigt at fastsaette foranstaltninger for det tilfaelde , at foretagendets finansielle situation skulle udvikle sig saaledes , at det bliver vanskeligt for det at opfylde sine forpligtelser ;

WHEREAS IT IS DESIRABLE TO PROVIDE FOR THE CONCLUSION OF RECIPROCAL AGREEMENTS WITH ONE OR MORE THIRD COUNTRIES IN ORDER TO PERMIT THE RELAXATION OF SUCH SPECIAL CONDITIONS , WHILE OBSERVING THE PRINCIPLE THAT SUCH AGENCIES AND BRANCHES SHOULD NOT OBTAIN MORE FAVOURABLE TREATMENT THAN COMMUNITY UNDERTAKINGS ;

de samordnede regler for udoevelse af direkte forsikringsvirksomhed i Faellesskabet skal principielt finde anvendelse paa alle foretagender , der optraeder paa markedet , saaledes ogsaa paa agenturer for og filialer af foretagender , hvis vedtaegtsmaessige hjemsted ligger uden for Faellesskabet ; der boer dog fastsaettes saelige regler for tilsyn med saadanne agenturer og filialer , da de foretagender , hvorunder de hoerer , har deres formue anbragt uden for Faellesskabet ;

WHEREAS CERTAIN TRANSITIONAL PROVISIONS ARE REQUIRED IN ORDER , IN PARTICULAR , TO PERMIT SMALL AND MEDIUM-SIZED UNDERTAKINGS ALREADY IN EXISTENCE TO ADAPT THEMSELVES TO THE REQUIREMENTS TO BE INTRODUCED BY THE MEMBER STATES IN PURSUANCE OF THIS DIRECTIVE , SUBJECT TO ARTICLE 53 OF THE TREATY APPLYING ;

gensidige aftaler med et eller flere tredjelande boer kunne indgaas for at aabne mulighed for en lempelse af disse saerlige betingelser uden dog at fravige det princip , at disse foretagenders agenturer og filialer ikke maa behandles gunstigere end Faellesskabets foretagender ;

WHEREAS ARTICLE 52 OF THE EEC TREATY HAS BEEN DIRECTLY APPLICABLE SINCE THE END OF THE TRANSITIONAL PERIOD ; WHEREAS SINCE THAT TIME THERE HAS ACCORDINGLY BEEN NO NEED FOR THE ADOPTION OF DIRECTIVES ABOLISHING RESTRICTIONS ON THE FREEDOM OF ESTABLISHMENT ; WHEREAS , HOWEVER , THE PROVISIONS CONCERNING PROOF OF GOOD REPUTE AND NO PREVIOUS BANKRUPTCY CONTAINED IN COUNCIL DIRECTIVE 73/240/EEC OF 24 JULY 1973 , ABOLISHING RESTRICTIONS ON FREEDOM OF ESTABLISHMENT IN THE BUSINESS OF DIRECT INSURANCE OTHER THAN LIFE ASSURANCE ( 4 ) DO NOT STRICTLY SPEAKING CONSTITUTE RESTRICTIONS AND ARE ALSO REQUIRED IN LIFE ASSURANCE ; WHEREAS THEY SHOULD ACCORDINGLY BE INCLUDED IN THIS COORDINATION DIRECTIVE ;

visse overgangsbestemmelser er paakraevet for at goere det muligt navnlig for bestaaende smaa og mellemstore foretagender , at tilpasse sig de forskrifter , der skal udstedes af medlemsstaterne i medfoer af dette direktiv med forbehold af artikel 53 i traktaten ;

WHEREAS IT IS IMPORTANT TO GUARANTEE THE UNIFORM APPLICATION OF THE COORDINATED RULES AND TO PROVIDE ACCORDINGLY FOR CLOSE COLLABORATION BETWEEN THE COMMISSION AND THE MEMBER STATES IN THIS FIELD ,

artikel 52 i traktaten finder umiddelbart anvendelse efter overgangsperiodens udloeb , og foelgelig er der fra dette tidspunkt ikke laengere grund til at vedtage direktiver om ophaevelse af begraensninger i etableringsfriheden ; bestemmelserne vedroerende bevis for haederlighed og for , at der aldrig har foreligget konkurs , indeholdt i Raadets direktiv 73/240/EOEF af 24 . juli 1973 om ophaevelse af begraensninger i etableringsfriheden inden for direkte forsikring bortset fra livsforsikring ( 4 ) er imidlertid ikke egentlige begraensninger , og desuden finder de ligeledes anvendelse paa livsforsikring ; foelgelig boer disse bestemmelser indfoejes i dette samordningsdirektiv ;

HAS ADOPTED THIS DIRECTIVE :

det er vigtigt at sikre en ensartet anvendelse af de samordnede regler og med henblik herpaa at etablere et snaevert samarbejde mellem Kommissionen og medlemsstaterne paa dette omraade -

TITLE I

UDSTEDT FOELGENDE DIREKTIV :

GENERAL PROVISIONS

AFSNIT I

ARTICLE 1

ALMINDELIGE BESTEMMELSER

THIS DIRECTIVE CONCERNS THE TAKING UP AND PURSUIT OF THE SELF-EMPLOYED ACTIVITY OF DIRECT INSURANCE CARRIED ON BY UNDERTAKINGS WHICH ARE ESTABLISHED IN A MEMBER STATE OR WISH TO BECOME ESTABLISHED THERE IN THE FORM OF THE ACTIVITIES DEFINED BELOW :

Artikel 1

1 . THE FOLLOWING KINDS OF INSURANCE WHERE THEY ARE ON A CONTRACTUAL BASIS :

Dette direktiv vedroerer adgang til selvstaendig direkte forsikringsvirksomhed udoevet gennem foretagender , der er etableret i en medlemsstat , eller som oensker at etablere sig i en medlemsstat , og udoevelse af de nedenfor anfoerte former for virksomhed .

( A ) LIFE ASSURANCE , THAT IS TO SAY , THE CLASS OF INSURANCE WHICH COMPRISES , IN PARTICULAR , ASSURANCE ON SURVIVAL TO A STIPULATED AGE ONLY , ASSURANCE ON DEATH ONLY , ASSURANCE ON SURVIVAL TO A STIPULATED AGE OR ON EARLIER DEATH , LIFE ASSURANCE WITH RETURN OF PREMIUMS , MARRIAGE ASSURANCE , BIRTH ASSURANCE ;

1 . Foelgende former for forsikring , saafremt den er baseret paa kontrakt :

( B ) ANNUITIES ;

a ) livsforsikring , dvs . navnlig livsbetinget kapitalforsikring , ophoerende eller livsvarig livsforsikring , livsforsikring med udbetaling i levende live , livsforsikring med tilbagebetaling af praemier , forsikring , der kommer til udbetaling ved aegteskab , forsikring , der kommer til udbetaling ved foedsel ;

( C ) SUPPLEMENTARY INSURANCE CARRIED ON BY LIFE ASSURANCE UNDERTAKINGS , THAT IS TO SAY , IN PARTICULAR , INSURANCE AGAINST PERSONAL INJURY INCLUDING INCAPACITY FOR EMPLOYMENT , INSURANCE AGAINST DEATH RESULTING FROM AN ACCIDENT AND INSURANCE AGAINST DISABILITY RESULTING FROM AN ACCIDENT OR SICKNESS , WHERE THESE VARIOUS KINDS OF INSURANCE ARE UNDERWRITTEN IN ADDITION TO LIFE ASSURANCE ;

b ) renteforsikring ;

( D ) THE TYPE OF INSURANCE EXISTING IN IRELAND AND THE UNITED KINGDOM KNOWN AS PERMANENT HEALTH INSURANCE NOT SUBJECT TO CANCELLATION .

c ) livsforsikringsforetagendernes accessoriske forsikringer , dvs . navnlig forsikring mod legemsbeskadigelse herunder erhvervsudygtighed , forsikring mod doedsfald som foelge af ulykkestilfaelde , forsikring mod invaliditet som foelge af ulykkestilfaelde eller sygdom , saafremt disse forskellige forsikringer tegnes i tilknytning til livsforsikring ;

2 . THE FOLLOWING OPERATIONS , WHERE THEY ARE ON A CONTRACTUAL BASIS , IN SO FAR AS THEY ARE SUBJECT TO SUPERVISION BY THE ADMINISTRATIVE AUTHORITIES RESPONSIBLE FOR THE SUPERVISION OF PRIVATE INSURANCE AND ARE AUTHORIZED IN THE COUNTRY CONCERNED :

d ) den forsikringsform , der praktiseres i Irland og Det forenede Kongerige under betegnelsen " permanent health insurance " ( sygeforsikring , som indgaas for en lang periode og er uopsigelig ) .

( A ) TONTINES WHEREBY ASSOCIATIONS OF SUBSCRIBERS ARE SET UP WITH A VIEW TO JOINTLY CAPITALIZING THEIR CONTRIBUTIONS AND SUBSEQUENTLY DISTRIBUTING THE ASSETS THUS ACCUMULATED AMONG THE SURVIVORS OR AMONG THE BENEFICIARIES OF THE DECEASED ;

2 . Foelgende former for virksomhed , saafremt de er baseret paa en kontrakt , og er undergivet tilsyn fra de administrative myndigheder , der er kompetente til at udoeve tilsyn med privatforsikring , og er tilladt i det land , i hvilket virksomheden udoeves :

( B ) CAPITAL REDEMPTION OPERATIONS BASED ON ACTUARIAL CALCULATION WHEREBY , IN RETURN FOR SINGLE OR PERIODIC PAYMENTS AGREED IN ADVANCE , COMMITMENTS OF SPECIFIED DURATION AND AMOUNT ARE UNDERTAKEN ;

a ) tontine-virksomhed , der indebaerer oprettelse af medlemssammenslutninger med henblik paa faelles kapitalisering af bidragene og udbetaling af den herved opstaaede formue enten til de overlevende eller til de afdoedes arvinger eller begunstigede ;

( C ) MANAGEMENT OF GROUP PENSION FUNDS , I.E . OPERATIONS CONSISTING , FOR THE UNDERTAKING CONCERNED , IN MANAGING THE INVESTMENTS , AND IN PARTICULAR THE ASSETS REPRESENTING THE RESERVES OF BODIES THAT EFFECT PAYMETS ON DEATH OR SURVIVAL OR IN THE EVENT OF DISCONTINUANCE OR CURTAILMENT OF ACTIVITY ;

b ) kapitaliseringsvirksomhed baseret paa aktuar-beregninger og som omfatter forpligtelser af en naermere fastsat varighed og beloebsstoerrelse , mod erlaeggelse af et éngangsbeloeb eller forud fastsatte regelmaessige indbetalinger ;

( D ) THE OPERATIONS REFERRED TO IN ( C ) WHERE THEY ARE ACCOMPANIED BY INSURANCE COVERING EITHER CONSERVATION OF CAPITAL OR PAYMENT OF A MINIMUM INTEREST ;

c ) virksomhed , der omfatter forvaltning af kollektive pensionsmidler , dvs . virksomhed , der for det paagaeldende foretagende bestaar i at anbringe midlerne , og isaer de aktiver , der daekker reserverne i de organer , som betaler ydelserne ved doedsfald , i levende live eller ved bortfald eller nedsaettelse af erhversevnen ;

( E ) THE OPERATIONS CARRIED OUT BY INSURANCE COMPANIES SUCH AS THOSE REFERRED TO IN CHAPTER 1 , TITLE 4 OF BOOK IV OF THE FRENCH " CODE DES ASSURANCES " .

d ) virksomhed som omhandlet i litra c ) , naar der hertil er knyttet en forsikringsgaranti med sigte paa enten bevarelse af kapitalen eller sikring af en minimumsrente ;

3 . OPERATIONS RELATING TO THE LENGTH OF HUMAN LIFE WHICH ARE PRESCRIBED BY OR PROVIDED FOR IN SOCIAL INSURANCE LEGISLATION , WHEN THEY ARE EFFECTED OR MANAGED AT THEIR OWN RISK BY ASSURANCE UNDERTAKINGS IN ACCORDANCE WITH THE LAWS OF A MEMBER STATE .

e ) virksomhed , som udoeves af den slags forsikringsselskaber , der er omhandlet i den franske " code des assurances " , bog IV , afsnit 4 , kapitel 1 .

ARTICLE 2

3 . Virksomhed , der er afhaengig af levetiden , og som er naermere bestemt eller fastsat i lovgivningen om socialforsikring , saafremt en saadan virksomhed udoeves eller forvaltes af forsikringsforetagender for disses egen risiko , i overensstemmelse med en medlemsstats lovgivning .

THIS DIRECTIVE SHALL NOT CONCERN :

Artikel 2

1 . SUBJECT TO THE APPLICATION OF ARTICLE 1 ( 1 ) ( C ) OF THIS DIRECTIVE , THE CLASSES DESIGNATED IN THE ANNEX TO FIRST COUNCIL DIRECTIVE 73/239/EEC OF 24 JULY 1973 ON THE COORDINATION OF LAWS , REGULATIONS AND ADMINISTRATIVE PROVISIONS RELATING TO THE TAKING-UP AND PURSUIT OF THE BUSINESS OF DIRECT INSURANCE OTHER THAN LIFE ASSURANCE ( 5 ) , HEREINAFTER REFERRED TO AS " THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) " ;

Dette direktiv vedroerer ikke :

2 . OPERATIONS OF PROVIDENT AND MUTUAL-BENEFIT INSTITUTIONS WHOSE BENEFITS VARY ACCORDING TO THE RESOURCES AVAILABLE AND WHICH REQUIRE EACH OF THEIR MEMBERS TO CONTRIBUTE AT THE APPROPRIATE FLAT RATE ;

1 . de forsikringsklasser , der er fastlagt i bilaget til Raadets foerste direktiv 73/239/EOEF af 24 . juli 1973 om samordning af de administrativt eller ved lov fastsatte bestemmelser om adgang til udoevelse af direkte forsikringsvirksomhed bortset fra livsforsikring ( 5 ) , i det foelgende benaevnt det foerste samordningsdirektiv vedroerende skadesforsikring ; foranstaaende beroerer dog ikke anvendelsen af artikel 1 , nr . 1 , litra c ) , i naervaerende direktiv ;

3 . OPERATIONS CARRIED OUT BY ORGANIZATIONS OTHER THAN UNDERTAKINGS REFERRED TO IN ARTICLE 1 , WHOSE OBJECT IS TO PROVIDE BENEFITS FOR EMPLOYED OR SELF-EMPLOYED PERSONS BELONGING TO AN UNDERTAKING OR GROUP OF UNDERTAKINGS , OR A TRADE OR GROUP OF TRADES , IN THE EVENT OF DEATH OR SURVIVAL OR OF DISCONTINUANCE OR CURTAILMENT OF ACTIVITY , WHETHER OR NOT THE COMMITMENTS ARISING FROM SUCH OPERATIONS ARE FULLY COVERED AT ALL TIMES BY MATHEMATICAL RESERVES ;

2 . virksomhed , der udoeves af forsorgs - og understoettelsesorganer , som tildeler ydelser , der varierer efter de disponible midler , og som paa forhaand fastsaetter medlemsbidraget til et bestemt beloeb ;

4 . SUBJECT TO THE APPLICATION OF ARTICLE 1 ( 3 ) , INSURANCE FORMING PART OF A STATUTORY SYSTEM OF SOCIAL SECURITY .

3 . virksomhed , der udoeves af andre organer end de i artikel 1 naevnte foretagender , og som har til formaal at tildele loenmodtagere og selvstaendige erhvervsdrivende , der er sammensluttet enten inden for et foretagende eller en gruppe af foretagender eller inden for en faglig eller tvaerfaglig sektor , ydelser ved doedsfald , i levende live eller ved bortfald eller nedsaettelse af erhvervsevnen , uanset om de forpligtelser , der foelger af naevnte virksomhed , til enhver tid daekkes fuldt ud af praemiereserven ;

ARTICLE 3

4 . forsikring , der omfattes af en lovbestemt social sikringsordning , idet dog artikel 1 , nr . 3 , finder anvendelse .

THIS DIRECTIVE SHALL NOT CONCERN :

Artikel 3

1 . ORGANIZATIONS WHICH UNDERTAKE TO PROVIDE BENEFITS SOLELY IN THE EVENT OF DEATH , WHERE THE AMOUNT OF SUCH BENEFITS DOES NOT EXCEED THE AVERAGE FUNERAL COSTS FOR A SINGLE DEATH OR WHERE THE BENEFITS ARE PROVIDED IN KIND ;

Dette direktiv vedroerer ikke :

2 . MUTUAL ASSOCIATIONS , WHERE :

1 . organer , som udelukkende sikrer ydelser ved doedsfald , dersom stoerrelsen af disse ydelser ikke overstiger de gennemsnitlige begravelsesomkostninger , eller saafremt disse ydelser tager form af naturalydelser ;

- THE ARTICLES OF ASSOCIATION CONTAIN PROVISIONS FOR CALLING UP ADDITIONAL CONTRIBUTIONS OR REDUCING THEIR BENEFITS OR CLAIMING ASSISTANCE FROM OTHER PERSONS WHO HAVE UNDERTAKEN TO PROVIDE IT , AND

2 . gensidige forsikringsselskaber , der samtidig opfylder foelgende betingelser :

- THE ANNUAL CONTRIBUTION INCOME FOR THE ACTIVITIES COVERED BY THIS DIRECTIVE DOES NOT EXCEED 500 000 UNITS OF ACCOUNT FOR THREE CONSECUTIVE YEARS . IF THIS AMOUNT IS EXCEEDED FOR THREE CONSECUTIVE YEARS THIS DIRECTIVE SHALL APPLY WITH EFFECT FROM THE FOURTH YEAR .

- vedtaegterne skal give mulighed enten for opkraevning af ekstrabidrag eller nedsaettelse af ydelserne , eller indkaldelse af bidrag fra andre personer , der har paataget sig en forpligtelse hertil ;

ARTICLE 4

- den aarlige praemieindtaegt , der opkraeves i forbindelse med virksomhed , som omfattes af dette direktiv , maa ikke overstige 500 000 regningsenheder i tre paa hinanden foelgende aar . Hvis dette beloeb er oversteget i tre paa hinanden foelgende aar , finder direktivet anvendelse fra det fjerde aar .

THIS DIRECTIVE SHALL NOT CONCERN THE " VERSORGUNGSVERBAND DEUTSCHER WIRTSCHAFTSORGANISATIONEN " IN GERMANY OR THE " CAISSE D'EPARGNE DE L'ETAT " IN LUXEMBOURG UNLESS THEIR STATUTES ARE AMENDED AS REGARDS THE SCOPE OF THEIR ACTIVITIES .

Artikel 4

ARTICLE 5

Dette direktiv vedroerer ikke " Versorgungsverband deutscher Wirtschaftsorganisationen " i Tyskland og " Caisse d'épargne de l'Etat " i Luxembourg , med mindre disses vedtaegtsmaessige kompetence aendres .

FOR THE PURPOSES OF THIS DIRECTIVE :

Artikel 5

( A ) " UNIT OF ACCOUNT " MEANS THE EUROPEAN UNIT OF ACCOUNT ( EUA ) AS DEFINED BY ARTICLE 10 OF THE FINANCIAL REGULATION OF 21 DECEMBER 1977 APPLICABLE TO THE GENERAL BUDGET OF THE EUROPEAN COMMUNITIES ( 6 ) ; WHEREVER THIS DIRECTIVE REFERS TO THE UNIT OF ACCOUNT , THE CONVERSION VALUE IN NATIONAL CURRENCY TO BE ADOPTED SHALL AS FROM 31 DECEMBER OF EACH YEAR BE THAT OF THE LAST DAY OF THE PRECEDING MONTH OF OCTOBER FOR WHICH EUA CONVERSION VALUES ARE AVAILABLE IN ALL THE COMMUNITY CURRENCIES ;

I dette direktiv forstaas ved :

( B ) " MATCHING ASSETS " MEANS THE REPRESENTATION OF UNDERWRITING LIABILITIES WHICH CAN BE REQUIRED TO BE MET IN A PARTICULAR CURRENCY BY ASSETS EXPRESSED OR REALISABLE IN THE SAME CURRENCY ;

a ) regningsenhed : den europaeiske regningsenhed ( ERE ) som defineret i artikel 10 i finansforordningen af 21 . december 1977 vedroerende De europaeiske Faellesskabers almindelige budget ( 6 ) ; hver gang der i dette direktiv henvises til regningsenheden , er den tilsvarende vaerdi i national valuta , som skal anvendes fra den 31 . december hvert aar , lig med vaerdien paa den sidste dag i den forudgaaende oktober maaned , paa hvilken ERE's modvaerdier i alle Faellesskabets valutaer foreligger ;

( C ) " LOCALIZATION OF ASSETS " MEANS THE EXISTENCE OF ASSETS , WHETHER MOVABLE OR IMMOVABLE , WITHIN A MEMBER STATE BUT SHALL NOT BE CONSTRUED AS INVOLVING A REQUIREMENT THAT MOVABLE ASSETS BE DEPOSITED OR THAT IMMOVABLE ASSETS BE SUBJECTED TO RESTRICTIVE MEASURES SUCH AS THE REGISTRATION OF MORTGAGES ; ASSETS REPRESENTED BY CLAIMS AGAINST DEBTORS SHALL BE REGARDED AS SITUATED IN THE MEMBER STATE WHERE THEY ARE REALIZABLE ;

b ) kongruens : daekning af forpligtelser , der kan kraeves opfyldt i en bestemt valuta , ved aktiver , der lyder paa , eller som kan realiseres i denne samme valuta ;

( D ) " CAPITAL AT RISK " MEANS THE AMOUNT PAYABLE ON DEATH LESS THE MATHEMATICAL RESERVE FOR THE MAIN RISK .

c ) aktivernes lokalisering : tilstedevaerelse i en medlemsstat af aktiver i fast ejendom eller andet end fast ejendom uden at der stilles krav om , at aktiver i andet end fast ejendom deponeres , eller om , at aktiver i fast ejendom undergives saadanne raadighedsbegraensende foranstaltninger som tinglysning ; aktiver , der bestaar i fordringer , anses som lokaliseret i den medlemsstat , hvor de kan indfries ;

TITLE II

d ) risikosummen : det beloeb , der skal udbetales ved doedsfald , minus praemiereserven for hovedrisikoen .

RULES APPLICABLE TO UNDERTAKINGS WHOSE HEAD OFFICES ARE SITUATED WITHIN THE COMMUNITY

AFSNIT II

SECTION A

REGLER FOR FORETAGENDER MED VEDTAEGTSMAESSIGT HJEMSTED INDEN FOR FAELLESSKABET

CONDITIONS OF ADMISSION

Afdeling A

ARTICLE 6

Betingelser for adgang til forsikringsvirksomhed

1 . EACH MEMBER STATE SHALL MAKE THE TAKING UP OF THE ACTIVITIES REFERRED TO IN THIS DIRECTIVE IN ITS TERRITORY SUBJECT TO AN OFFICIAL AUTHORIZATION .

Artikel 6

2 . SUCH AUTHORIZATION SHALL BE SOUGHT FROM THE COMPETENT AUTHORITY OF THE MEMBER STATE IN QUESTION BY :

1 . Hver medlemsstat goer adgang til de i dette direktiv omhandlede former for virksomhed paa sit omraade afhaengig af en administrativ tilladelse .

( A ) ANY UNDERTAKING WHICH ESTABLISHES ITS HEAD OFFICE IN THE TERRITORY OF SUCH STATE ;

2 . Ansoegning om denne tilladelse skal indgives til den kompetente myndighed i den paagaeldende medlemsstat af :

( B ) ANY UNDERTAKING WHOSE HEAD OFFICE IS SITUATED IN ANOTHER MEMBER STATE AND WHICH OPENS AN AGENCY OR BRANCH IN THE TERRITORY OF THE MEMBER STATE IN QUESTION ;

a ) det foretagende , der opretter sit vedtaegtsmaessige hjemsted paa denne stats omraade ;

( C ) ANY UNDERTAKING WHICH , HAVING RECEIVED THE AUTHORIZATION REQUIRED UNDER ( A ) OR ( B ) ABOVE , EXTENDS ITS BUSINESS IN THE TERRITORY OF SUCH STATE TO OTHER CLASSES ;

b ) det foretagende , hvis vedtaegtsmaessige hjemsted befinder sig i en anden medlemsstat , og som aabner et agentur eller en filial paa den paagaeldende medlemsstats omraade ;

( D ) ANY UNDERTAKING WHICH , HAVING OBTAINED , IN ACCORDANCE WITH ARTICLE 7 ( 1 ) , AN AUTHORIZATION FOR A PART OF THE NATIONAL TERRITORY , EXTENDS ITS ACTIVITY BEYOND SUCH PART .

c ) det foretagende , som efter at have modtaget den under litra a ) eller b ) omhandlede tilladelse udstraekker sin virksomhed paa denne stats omraade til andre forsikringsklasser ;

3 . MEMBER STATES SHALL NOT MAKE AUTHORIZATION SUBJECT TO THE LODGING OF A DEPOSIT OR THE PROVISION OF SECURITY .

d ) det foretagende , der i overensstemmelse med artikel 7 , stk . 1 , har opnaaet tilladelse for en del af den paagaeldende stats omraade , og som udstraekker sin virksomhed ud over dette omraade .

ARTICLE 7

3 . Medlemsstaterne maa ikke goere denne tilladelse betinget af en deponering eller en sikkerhedsstillelse .

1 . AN AUTHORIZATION SHALL BE VALID FOR THE ENTIRE NATIONAL TERRITORY UNLESS , AND IN SO FAR AS NATIONAL LAWS PERMIT , THE APPLICANT SEEKS PERMISSION TO CARRY ON HIS BUSINESS ONLY IN A PART OF THE NATIONAL TERRITORY .

Artikel 7

2 . AUTHORIZATION SHALL BE GIVEN FOR A PARTICULAR CLASS OF INSURANCE . THE CLASSIFICATION BY CLASS APPEARS IN THE ANNEX . AUTHORIZATION SHALL COVER THE ENTIRE CLASS UNLESS THE APPLICANT WISHES TO COVER ONLY PART OF THE RISKS PERTAINING TO SUCH CLASS .

1 . Tilladelsen gaelder for den paagaeldende medlemsstats samlede omraade , medmindre ansoegeren , i det omfang den nationale lovgivning giver mulighed herfor , anmoder om kun at udoeve virksomhed paa en del af den paagaeldende stats omraade .

THE SUPERVISORY AUTHORITIES MAY RESTRICT AN AUTHORIZATION REQUESTED FOR ONE OF THE CLASSES TO THE OPERATIONS SET OUT IN THE SCHEME OF OPERATIONS REFERRED TO IN ARTICLES 9 AND 11 .

2 . Tilladelsen gives saerskilt for hver forsikringsklasse ; inddelingen i klasser er angivet i bilaget . Tilladelsen omfatter hele den paagaeldende klasse , medmindre ansoegeren kun oensker at daekke en del af de risici , der hoerer under den paagaeldende forsikringsklasse .

3 . EACH MEMBER STATE MAY GRANT AN AUTHORIZATION FOR TWO OR MORE OF THE CLASSES , WHERE ITS NATIONAL LAWS PERMIT SUCH CLASSES TO BE CARRIED ON SIMULTANEOUSLY .

Tilsynsmyndighederne kan begraense den tilladelse , der ansoeges om for en af disse klasser , til de former for virksomhed , der er omhandlet i de i artikel 9 og 11 naevnte planer .

ARTICLE 8

3 . Hver medlemsstat kan give tilladelse for flere forsikringsklasser , saafremt den nationale lovgivning tillader samtidig udoevelse af virksomhed inden for disse forsikringsklasser .

1 . EACH MEMBER STATE SHALL REQUIRE ANY UNDERTAKING SETTING UP IN ITS TERRITORY FOR WHICH AN AUTHORIZATION IS SOUGHT TO :

Artikel 8

( A ) ADOPT ONE OF THE FOLLOWING FORMS :

1 . Hver medlemsstat kraever , at de foretagender , der oprettes paa dens omraade , og som ansoeger om tilladelse :

- IN THE CASE OF THE KINGDOM OF BELGIUM :

a ) antager en af foelgende former :

" SOCIETE ANONYME " / " NAAMLOZE VENNOOTSCHAP " , SOCIETE EN COMMANDITE PAR ACTIONS " / " VENNOOTSCHAP BIJ WIJZE VAN GELDSCHIETING OP AANDELEN " , " ASSOCIATION D'ASSURANCE MUTUELLE " / " ONDERLINGE VERZEKERINGSMAATSCHAPPIJ " , " SOCIETE COOPERATIVE " / " COOEPERATIEVE VENNOOTSCHAP " ,

- for kongeriget Belgien :

- IN THE CASE OF THE KINGDOM OF DENMARK :

" société anonyme " / " naamloze vennootschap " , " société en commandite par actions " / " vennootschap bij wijze van geldschieting op aandelen " , " association d'assurance mutuelle " / " onderlinge verzekeringsmaatschappij " , " société coopérative " / " cooeperatieve vennootschap " ;

" AKTIESELSKABER " ,

- for kongeriget Danmark :

" GENSIDIGE SELSKABER " ,

aktieselskaber ,

- IN THE CASE OF THE FEDERAL REPUBLIC OF GERMANY :

gensidige selskaber ;

" AKTIENGESELLSCHAFT " , " VERSICHERUNGSVEREIN AUF GEGENSEITIGKEIT " ,

- for Forbundsrepublikken Tyskland :

" OEFFENTLICH-RECHTLICHES WETTBEWERBS-VERSICHERUNGSUNTERNEHMEN " ,

" Aktiengesellschaft " , Versicherungsverein auf Gegenseitigkeit " , " oeffentlich-rechtliches Wettbewerbs-Versicherungsunternehmen " ;

- IN THE CASE OF THE FRENCH REPUBLIC :

- for Den franske Republik :

" SOCIETE ANONYME " , " SOCIETE A FORME MUTUELLE A COTISATIONS FIXES " ,

" société anonyme " , " société à forme mutuelle à cotisations fixes " , " société à forme tontinière " ;

" SOCIETE A FORME TONTINIERE " ,

- for Irland :

- IN THE CASE OF IRELAND :

" incorporated companies limited by shares or by guarantee or unlimited " , " societies registered under the Industrial and Provident Societies Acts " og " societies registered under the Friendly Societies Acts " ;

INCORPORATED COMPANIES LIMITED BY SHARES OR BY GUARANTEE OR UNLIMITED , SOCIETIES REGISTERED UNDER THE INDUSTRIAL AND PROVIDENT SOCIETIES ACTS AND SOCIETIES REGISTERED UNDER THE FRIENDLY SOCIETIES ACTS ,

- for Den italienske Republik :

- IN THE CASE OF THE ITALIAN REPUBLIC :

" società per azioni " , " società cooperativa " , " mutua di assicurazione " , og de offentligretlige organer , der er naevnt i artikel 1883 i codice civile ;

" SOCIETA PER AZIONI " , " SOCIETA COOPERATIVA " , " MUTUA DI ASSICURAZIONE " AND PUBLIC-LAW INSTITUTIONS WITHIN THE MEANING OF ARTICLE 1883 OF THE CIVIL CODE .

- for storhertugdoemmet Luxembourg :

- IN THE CASE OF THE GRAND DUCHY OF LUXEMBOURG :

" société anonyme " , " société en commandite par actions " , " association d'assurances mutuelles " , " société coopérative " ;

" SOCIETE ANONYME " , " SOCIETE EN COMMANDITE PAR ACTIONS " , " ASSOCIATION D'ASSURANCES MUTUELLES " , " SOCIETE COOPERATIVE " ,

- for kongeriget Nederlandene :

- IN THE CASE OF THE KINGDOM OF THE NETHERLANDS :

" naamloze vennootschap " , " onderlinge waarborgmaatschappij " ;

" NAAMLOZE VENNOOTSCHAP " , " ONDERLINGE WAARBORGMAATSCHAPPIJ " ,

- for Det forenede Kongerige :

- IN THE CASE OF THE UNITED KINGDOM :

" incorporated companies limited by shares or by guarantee or unlimited " , " societies registered under the Industrial and Provident Societies Acts " , " societies registered under the Friendly Societies Acts " , sammenslutningen af forsikringsgivere kaldet Lloyd's ;

INCORPORATED COMPANIES LIMITED BY SHARES OR BY GUARANTEE OR UNLIMITED , SOCIETIES REGISTERED UNDER THE INDUSTRIAL AND PROVIDENT SOCIETIES ACTS , SOCIETIES REGISTERED UNDER THE FRIENDLY SOCIETIES ACTS , THE ASSOCIATION OF UNDERWRITERS KNOWN AS LLOYD'S ;

Medlemsstaterne kan endvidere i givet fald godkende foretagender af enhver form henhoerende under den offentlige ret eller hvad der svarer dertil , naar disse foretagenders formaal er udoevelse af forsikringsvirksomhed paa samme vilkaar som private foretagender ;

FURTHERMORE , MEMBER STATES MAY SET UP , WHERE APPROPRIATE , UNDERTAKINGS UNDER ANY FORM OF KNOWN PUBLIC LAW OR ITS EQUIVALENT PROVIDED THAT SUCH INSTITUTIONS HAVE AS THEIR OBJECT TO CARRY ON INSURANCE OPERATIONS UNDER CONDITIONS EQUIVALENT TO THOSE OF UNDERTAKINGS UNDER PRIVATE LAW ;

b ) begraenser deres formaal til saadan forsikringsvirksomhed , der er omhandlet i dette direktiv , og dermed direkte forbundne aktiviteter med udelukkelse af enhver anden erhvervsmaessig virksomhed ;

( B ) LIMIT ITS BUSINESS ACTIVITIES TO THE ACTIVITIES REFERRED TO IN THIS DIRECTIVE AND OPERATIONS DIRECTLY ARISING THEREFROM , TO THE EXCLUSION OF ALL OTHER COMMERCIAL BUSINESS ;

c ) fremlaegger en driftsplan , der er i overensstemmelse med artikel 9 ;

( C ) SUBMIT A SCHEME OF OPERATIONS IN ACCORDANCE WITH ARTICLE 9 ;

d ) raader over den i artikel 20 , stk . 2 , fastsatte minimumsgarantifond .

( D ) POSSESS THE MINIMUM OF THE GUARANTEE FUND PROVIDED FOR IN ARTICLE 20 ( 2 ) .

2 . Det foretagende , der ansoeger om tilladelse til at udvide sit virksomhedsomraade til at omfatte andre forsikringsklasser eller , i det i artikel 6 , stk . 2 , litra d ) , naevnte tilfaelde , til en anden del af det geografiske omraade , skal fremlaegge en driftsplan , der er i overensstemmelse med artikel 9 , for saa vidt angaar disse andre forsikringsklasser eller denne anden del af omraadet .

2 . AN UNDERTAKING SEEKING AN AUTHORIZATION TO EXTEND ITS BUSINESS TO OTHER CLASSES OR , IN THE CASE REFERRED TO IN ARTICLE 6 ( 2 ) ( D ) , TO ANOTHER PART OF THE TERRITORY , SHALL BE REQUIRED TO SUBMIT A SCHEME OF OPERATIONS IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 9 AS REGARDS SUCH OTHER CLASSES OR OTHER PART OF THE TERRITORY .

Foretagendet skal endvidere godtgoere , at det raader over den i artikel 19 fastsatte minimumssolvensmargen , samt at det er i besiddelse af den i artikel 20 , stk . 1 og 2 , naevnte garantifond .

IT SHALL , IN ADDITION , BE REQUIRED TO SHOW PROOF THAT IT POSSESSES THE MINIMUM SOLVENCY MARGIN PROVIDED FOR IN ARTICLE 19 AND THE GUARANTEE FUND REFERRED TO IN ARTICLE 20 ( 1 ) AND ( 2 ) .

3 . De bestaaende samordningsforanstaltninger er ikke til hinder for , at medlemsstaterne anvender bestemmelser , der foreskriver krav til bestyrelsesmedlemmernes og direktoerernes faglige kvalifikationer , eller at de kraever godkendelse af vedtaegterne , af de almindelige og saerlige betingelser i kontrakterne , af det tekniske grundlag , navnlig med henblik paa beregning af tariffer og de i artikel 17 omhandlede reserver , og af alt andet materiale , der er noedvendigt for den normale udoevelse af tilsynet .

3 . THE PRESENT COORDINATING MEASURES SHALL NOT PREVENT MEMBER STATES FROM APPLYING PROVISIONS REQUIRING DIRECTORS AND MANAGERS TO HAVE TECHNICAL QUALIFICATIONS OR FROM REQUIRING THE MEMORANDUM AND ARTICLES OF ASSOCIATION , THE GENERAL AND SPECIAL POLICY CONDITIONS , THE TECHNICAL BASES FOR CALCULATING IN PARTICULAR PREMIUM RATES AND RESERVES REFERRED TO IN ARTICLE 17 AND ANY OTHER DOCUMENT NECESSARY FOR THE NORMAL EXERCISE OF SUPERVISION TO BE APPROVED .

4 . Det kan ikke i ovennaevnte bestemmelser foreskrives , at ansoegningen om tilladelse behandles under hensyntagen til markedets oekonomiske behov .

4 . THE ABOVEMENTIONED PROVISIONS MAY NOT REQUIRE THAT ANY APPLICATION FOR AN AUTHORIZATION SHALL BE DEALT WITH IN THE LIGHT OF THE ECONOMIC REQUIREMENTS OF THE MARKET .

Artikel 9

ARTICLE 9

Den i artikel 8 , stk . 1 , litra c ) , og stk . 2 , vaevnte driftsplan skal indeholde foelgende angivelser eller dokumentation :

THE SCHEME OF OPERATIONS REFERRED TO IN ARTICLE 8 ( 1 ) ( C ) AND ( 2 ) SHALL CONTAIN THE FOLLOWING PARTICULARS OR EVIDENCE OF COVER :

a ) arten af de forpligtelser , som foretagendet har til hensigt at paatage sig ; de almindelige og saerlige betingelser i de kontrakter , det har til hensigt at benytte ;

( A ) THE NATURE OF THE COMMITMENTS WHICH THE UNDERTAKING PROPOSES TO COVER ; THE GENERAL AND SPECIAL POLICY CONDITIONS WHICH IT PROPOSES TO USE ;

b ) det tekniske grundlag , som foretagendet har til hensigt at anvende for hver form for virksomhed , bl.a . de noedvendige elementer ved beregning af tariffer og de i artikel 17 omhandlede reserver ;

( B ) THE TECHNICAL BASES THAT THE UNDERTAKING PROPOSES TO EMPLOY FOR EACH CLASS OF BUSINESS , INCLUDING THE DATA NEEDED TO CALCULATE PREMIUM RATES AND RESERVES REFERRED TO IN ARTICLE 17 ;

c ) grundprincipperne for genforsikring ;

( C ) THE GUIDING PRINCIPLES AS TO REINSURANCE ;

d ) sammensaetningen af minimumsgarantifonden ;

( D ) THE ITEMS CONSTITUTING THE MINIMUM OF THE GUARANTEE FUND ;

e ) anslaaede omkostninger ved opbygningen af administrationen og akkvisitionsnettet samt de dertil bestemte finansielle midler ;

( E ) ESTIMATES RELATING TO THE EXPENSES OF INSTALLING THE ADMINISTRATIVE SERVICES AND THE ORGANIZATION FOR SECURING BUSINESS AND THE FINANCIAL RESOURCES INTENDED TO COVER THEM ;

endvidere skal den for de tre foerste regnskabsaar angive :

AND , IN ADDITION , SHALL INCLUDE FOR THE FIRST THREE FINANCIAL YEARS :

f ) de sandsynlige likviditetsforhold ;

( F ) A FORECAST BALANCE SHEET ;

g ) en oversigt , der giver detaljerede oplysninger om de forventede indtaegter og udgifter i forbindelse med direkte forsikringsvirksomhed og overtagelse af genforsikring saavel som afgivelse i genforsikring ;

( G ) A PLAN SETTING OUT DETAILED ESTIMATES OF INCOME AND EXPENDITURE IN RESPECT OF DIRECT BUSINESS , REINSURANCE ACCEPTANCES AND REINSURANCE CESSIONS ;

h ) de anslaaede finansielle midler , der er bestemt til daekning af forpligtelser og solvensmargen .

( H ) ESTIMATES RELATING TO THE FINANCIAL RESOURCES INTENDED TO COVER UNDERWRITING LIABILITIES AND THE SOLVENCY MARGIN .

Artikel 10

ARTICLE 10

1 . Hver medlemsstat kraever , at et foretagende , der har sit vedtaegtsmaessige hjemsted paa en anden medlemsstats omraade , og som ansoeger om tilladelse til aabning af et agentur eller en filial :

1 . EACH MEMBER STATE SHALL REQUIRE THAT AN UNDERTAKING HAVING ITS HEAD OFFICE IN THE TERRITORY OF ANOTHER MEMBER STATE AND SEEKING AN AUTHORIZATION TO OPEN AN AGENCY OR BRANCH SHALL :

a ) meddeler sine vedtaegter og listen over bestyrelsesmedlemmer og direktoerer ;

( A ) SUBMIT ITS MEMORANDUM AND ARTICLES OF ASSOCIATION AND A LIST OF ITS DIRECTORS AND MANAGERS ;

b ) fremlaegger et certifikat , der er udstedt af de kompetente myndigheder i den medlemsstat , hvor det vedtaegtsmaessige hjemsted er beliggende , og hvori det godtgoeres , inden for hvilke forsikringsklasser det paagaeldende foretagende er berettiget til at udoeve virksomhed , og at det raader over minimumsgarantifonden eller , saafremt garantifonden er stoerre , over den i henhold til artikel 19 beregnede minimumssolvensmargen ; certifikatet skal endvidere angive , inden for hvilke forsikringsklasser foretagendet faktisk udoever virksomhed , samt de i artikel 11 , stk . 1 , litra e ) , omhandlede finansielle midler ;

( B ) PRODUCE A CERTIFICATE ISSUED BY THE COMPETENT AUTHORITIES OF THE HEAD OFFICE MEMBER STATE , ATTESTING THE CLASSES OF INSURANCE WHICH THE UNDERTAKING IS ENTITLED TO COVER AND THAT IT POSSESSES THE MINIMUM OF THE GUARANTEE FUND OR IF HIGHER , THE MINIMUM SOLVENCY MARGIN CALCULATED IN ACCORDANCE WITH ARTICLE 19 AND STATING THE CLASSES OF INSURANCE WHICH IT ACTUALLY UNDERWRITES AND THE FINANCIAL RESOURCES REFERRED TO IN ARTICLE 11 ( 1 ) ( E ) ;

c ) fremlaegger en driftsplan , der er i overensstemmelse med artikel 11 ;

( C ) SUBMIT A SCHEME OF OPERATIONS IN ACCORDANCE WITH ARTICLE 11 ;

d ) udpeger en befuldmaegtiget ( generalagent ) med bopael og fast opholdssted i vaertslandet , og som har tilstraekkelige befoejelser til at forpligte foretagendet over for tredjemand samt til at repraesentere det over for vaertslandets myndigheder og domstole ; saafremt generalagenten er en juridisk person , skal denne have sit vedtaegtmaessige hjemsted i vaertslandet og for sit vedkommende som sin repraesentant udpege en fysisk person , der opfylder de ovennaevnte betingelser . Den udpegede generalagent kan kun afvises af en medlemsstat af grunde , der vedroerer hans haederlighed eller faglige kvalifikationer , paa samme betingelser som gaelder for bestyrelsesmedlemmer og direktoerer for foretagender , der har deres vedtaegtsmaessige hjemsted paa den paagaeldende stats omraade .

( D ) DESIGNATE A GENERAL REPRESENTATIVE HAVING HIS PERMANENT RESIDENCE AND ABODE IN THE HOST COUNTRY AND POSSESSING SUFFICIENT POWERS TO BIND THE UNDERTAKING IN RELATION TO THIRD PARTIES AND TO REPRESENT IT IN RELATIONS WITH THE AUTHORITIES AND COURTS OF THE HOST COUNTRY ; IF THE REPRESENTATIVE HAS A LEGAL PERSONALITY , IT MUST HAVE ITS HEAD OFFICE IN THE HOST COUNTRY AND IT MUST IN ITS TURN DESIGNATE AN INDIVIDUAL TO REPRESENT IT WHO COMPLIES WITH THE ABOVE CONDITIONS . THE DESIGNATED REPRESENTATIVE SHALL NOT BE OBJECTED TO BY THE MEMBER STATE EXCEPT ON GROUNDS RELATING TO REPUTE OR TECHNICAL QUALIFICATIONS SUCH AS APPLY TO DIRECTORS OR MANAGERS OF UNDERTAKINGS WHOSE HEAD OFFICES ARE SITUATED IN THE TERRITORY OF THE STATE IN QUESTION .

2 . Hver medlemsstat kraever , saafremt et agentur eller en filial oensker at udvide sin virksomhed til andre klasser eller - i det i artikel 6 , stk . 2 , litra d ) , naevnte tilfaelde - til andre dele af den paagaeldende medlemsstats omraade , at ansoegeren fremlaegger en driftsplan i overensstemmelse med artikel 11 og opfylder de i stk . 1 , litra b ) , i denne artikel fastsatte betingelser .

2 . EACH MEMBER STATE SHALL REQUIRE THAT FOR THE PURPOSE OF EXTENDING THE BUSINESS OF THE AGENCY OR BRANCH , EITHER TO OTHER CLASSES OR TO OTHER PARTS OF THE NATIONAL TERRITORY IN THE CASE PROVIDED FOR IN ARTICLE 6 ( 2 ) ( D ) , THE APPLICANT FOR THE AUTHORIZATION SHALL SUBMIT A SCHEME OF OPERATIONS IN ACCORDANCE WITH ARTICLE 11 AND COMPLY WITH THE CONDITIONS CONTAINED IN PARAGRAPH 1 ( B ) OF THIS ARTICLE .

3 . De bestaaende samordningsforanstaltninger er ikke til hinder for , at medlemsstaterne anvender bestemmelser , som for alle forsikringsforetagender foreskriver krav om godkendelse af almindelige og saerlige betingelser i kontrakterne , af det tekniske grundlag , navnlig med henblik paa beregning af tariffer og de i artikel 17 omhandlede reserver , samt af alt andet materiale , der er noedvendigt for den normale udoevelse af tilsynet .

3 . THE PRESENT COORDINATING MEASURES SHALL NOT PREVENT MEMBER STATES FRON ENFORCING PROVISIONS REQUIRING , FOR ALL INSURANCE UNDERTAKINGS , APPROVAL OF THE GENERAL AND SPECIAL POLICY CONDITIONS , OF THE TECHNICAL BASES FOR CALCULATING IN PARTICULAR PREMIUM RATES AND RESERVES REFERRED TO IN ARTICLE 17 AND OF ANY OTHER DOCUMENT NECESSARY FOR THE NORMAL EXERCISE OF SUPERVISION .

4 . Det kan ikke i ovennaevnte bestemmelser foreskrives , at ansoegningen om tilladelse behandles under hensyntagen til markedets oekonomiske behov .

4 . THE ABOVEMENTIONED PROVISIONS MAY NOT REQUIRE THAT ANY APPLICATION FOR AUTHORIZATION SHALL BE EXAMINED IN THE LIGHT OF THE ECONOMIC REQUIREMENTS OF THE MARKET .

Artikel 11

ARTICLE 11

1 . Den i artikel 10 , stk . 1 , litra c ) , og stk . 2 , naevnte driftsplan for agenturet eller filialen skal indeholde foelgende angivelser eller dokumentation :

1 . THE SCHEME OF OPERATIONS OF THE AGENCY OR BRANCH REFERRED TO IN ARTICLE 10 ( 1 ) ( C ) AND ( 2 ) SHALL CONTAIN THE FOLLOWING PARTICULARS OR EVIDENCE OF :

a ) arten af de forpligtelser , som foretagendet har til hensigt at paatage sig i vaertslandet ; de almindelige og saerlige betingelser i de kontrakter , det har til hensigt at benytte ;

( A ) THE NATURE OF THE COMMITMENTS WHICH THE UNDERTAKING PROPOSES TO TAKE ON IN THE HOST COUNTRY ; THE GENERAL AND SPECIAL POLICY CONDITIONS WHICH IT PROPOSES TO USE ;

b ) det tekniske grundlag , som foretagendet har til hensigt at anvende for hver form for virksomhed , bl.a . de noedvendige elementer ved beregning af tariffer og de i artikel 17 omhandlede reserver ;

( B ) THE TECHNICAL BASES WHICH THE UNDERTAKING PROPOSES TO EMPLOY FOR EACH CLASS OF BUSINESS , INCLUDING THE DATA NEEDED TO CALCULATE PREMIUM RATES AND RESERVES REFERRED TO IN ARTICLE 17 ;

c ) grundprincipperne for genforsikring ;

( C ) THE GUIDING PRINCIPLES AS TO REINSURANCE ;

d ) oversigt over foretagendets solvensmargen og garantifond som omhandlet i artikel 18 , 19 og 20 ;

( D ) THE STATE OF THE UNDERTAKING'S SOLVENCY MARGIN AND GUARANTEE FUND REFERRED TO IN ARTICLES 18 , 19 AND 20 ;

e ) anslaaede omkostninger ved opbygningen af administrationen og akvisitionsnettet samt de dertil bestemte finansielle midler ;

( E ) ESTIMATES RELATING TO THE EXPENSES OF INSTALLING THE ADMINISTRATIVE SERVICES AND THE ORGANIZATION FOR SECURING BUSINESS AND THE FINANCIAL RESOURCES INTENDED TO COVER THEM ;

endvidere skal den for de tre foerste regnskabsaar angive :

AND , IN ADDITION SHALL INCLUDE , FOR THE FIRST THREE FINANCIAL YEARS :

f ) agenturets eller filialens sandsynlige likviditetsforhold ;

( F ) A FORECAST BALANCE SHEET FOR THE AGENCY OR BRANCH ;

g ) en oversigt , der giver detaljerede oplysninger om de forventede indtaegter og udgifter i forbindelse med direkte forsikringsvirksomhed og overtagelse af genforsikring saavel som afgivelse i genforsikring .

( G ) A PLAN SETTING OUT DETAILED ESTIMATES OF INCOME AND EXPENDITURE IN RESPECT OF DIRECT BUSINESS , REINSURANCE ACCEPTANCES AND REINSURANCE CESSIONS .

2 . Med planen skal foelge status og driftsregnskab for hvert af foretagendets seneste tre regnskabsaar . Saafremt foretagendet har drevet virksomhed i mindre end tre regnskabsaar , skal det dog kun fremlaegge regnskaberne for de afsluttede regnskabsaar .

2 . THE SCHEME OF OPERATIONS SHALL BE ACCOMPANIED BY THE BALANCE SHEET AND PROFIT AND LOSS ACCOUNT OF THE UNDERTAKING FOR EACH OF THE PAST THREE FINANCIAL YEARS . IF , HOWEVER , IT HAS NOT YET BEEN IN BUSINESS FOR THREE FINANCIAL YEARS IT SHALL BE REQUIRED TO FURNISH THEM ONLY FOR THE FINANCIAL YEARS COMPLETED .

3 . Denne plan fremsendes sammen med bemaerkninger fra de myndigheder , der kan give tilladelsen , til de kompetente myndigheder i den medlemsstat , hvor det vedtaegtsmaessige hjemsted er beliggende . Sidstnaevnte myndigheder afgiver inden tre maaneder efter modtagelsen af dette materiale udtalelse til foerstnaevnte myndigheder ; saafremt de paagaeldende myndigheder ikke har afgivet udtalelse ved udloebet af denne frist , anses de for at have afgivet en positiv udtalelse .

3 . THE SCHEME OF OPERATIONS , TOGETHER WITH THE OBSERVATIONS OF THE AUTHORITIES COMPETENT TO ISSUE AUTHORIZATION , SHALL BE FORWARDED TO THE COMPETENT AUTHORITIES OF THE HEAD-OFFICE MEMBER STATE . THE LATTER AUTHORITIES SHALL COMMUNICATE THEIR OPINION TO THE FORMER WITHIN THREE MONTHS FROM THE RECEIPT OF THE DOCUMENTS ; IF THEIR OPINION HAS NOT BEEN COMMUNICATED UPON THE EXPIRY OF THIS TIME , IT SHALL BE DEEMED TO BE FAVOURABLE .

Artikel 12

ARTICLE 12

Enhver beslutning om afslag skal klart begrundes og meddeles det paagaeldende foretagende .

ANY DECISION TO REFUSE AN AUTHORIZATION SHALL BE ACCOMPANIED BY THE PRECISE GROUNDS FOR DOING SO AND NOTIFIED TO THE UNDERTAKING IN QUESTION .

Hver medlemsstat indfoerer adgang til domstolsproevelse af enhver beslutning om afslag .

EACH MEMBER STATE SHALL MAKE PROVISION FOR A RIGHT TO APPLY TO THE COURTS SHOULD THERE BE ANY REFUSAL .

Samme adgang til domstolsproevelse indfoeres for det tilfaelde , at de kompetente myndigheder endnu ikke har afgivet svar paa ansoegningen om tilladelse inden udloebet af en frist paa seks maaneder fra modtagelsesdatoen .

SUCH PROVISION SHALL ALSO BE MADE WITH REGARD TO CASES WHERE THE COMPETENT AUTHORITIES HAVE NOT DEALT WITH AN APPLICATION FOR AN AUTHORIZATION UPON THE EXPIRY OF A PERIOD OF SIX MONTHS FROM THE DATE OF ITS RECEIPT .

Artikel 13

ARTICLE 13

1 . Med forbehold af stk . 3 kan et foretagende ikke paa en medlemsstats omraade samtidigt drive virksomhed som omhandlet i bilaget til det foerste samordningsdirektiv vedroerende skadesforsikring og virksomhed som naevnt i artikel 1 i dette direktiv .

1 . SUBJECT TO PARAGRAPH 3 , NO UNDERTAKING MAY SIMULTANEOUSLY CARRY ON IN A MEMBER STATE THE ACTIVITIES REFERRED TO IN THE ANNEX TO THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) AND THOSE LISTED IN ARTICLE 1 OF THIS DIRECTIVE .

2 . Dersom et foretagende , der udoever de i bilaget til foerste samordningsdirektiv vedroerende skadesforsikring naevnte former for virksomhed , har oekonomisk , handelsmaessig eller administrativ tilknytning til et foretagende , der udoever de i dette direktiv omhandlede former for virksomhed , skal tilsynsmyndighederne i de medlemsstater , paa hvis omraade de naevnte foretagender har deres vedtaegtsmaessige hjemsted , paase , at de paagaeldende foretagenders regnskaber ikke fordrejes ved aftaler , der indgaas mellem disse foretagender , eller ved nogen anden ordning , der kan influere paa fordelingen af udgifter og indtaegter .

2 . WHERE AN UNDERTAKING CARRYING ON THE ACTIVITIES REFERRED TO IN THE ANNEX TO THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) HAS FINANCIAL , COMMERCIAL OR ADMINISTRATIVE LINKS WITH AN UNDERTAKING CARRYING ON THE ACTIVITIES COVERED BY THIS DIRECTIVE , THE SUPERVISORY AUTHORITIES OF THE MEMBER STATES IN WHOSE TERRITORY THE HEAD OFFICES OF THOSE UNDERTAKINGS ARE SITUATED SHALL ENSURE THAT THE ACCOUNTS OF THE UNDERTAKINGS IN QUESTION ARE NOT DISTORTED BY AGREEMENTS BETWEEN THESE UNDERTAKINGS OR BY ANY ARRANGEMENT WHICH COULD AFFECT THE APPORTIONMENT OF EXPENSES AND INCOME .

3 . Med forbehold af stk . 6 kan foretagender , som ved meddelelsen af dette direktiv samtidigt udoever de i stk . 1 naevnte to former for virksomhed paa en medlemsstats omraade , fortsaette hermed paa betingelse af , at der i overensstemmelse med artikel 14 oprettes saerskilt forvaltning for hver af disse former for virksomhed .

3 . SUBJECT TO PARAGRAPH 6 , UNDERTAKINGS WHICH AT THE TIME OF NOTIFICATION OF THIS DIRECTIVE CARRY ON SIMULTANEOUSLY IN A MEMBER STATE BOTH OF THE ACTIVITIES REFERRED TO IN PARAGRAPH 1 MAY CONTINUE TO DO SO THERE PROVIDED THAT EACH ACTIVITY IS SEPARATELY MANAGED IN ACCORDANCE WITH ARTICLE 14 .

4 . De i stk . 3 omhandlede foretagender kan kun oprette agenturer eller filialer i de oevrige medlemsstater for de forsikringsklasser , der er naevnt i bilaget til foerste samordningsdirektiv vedroerende skadesforsikring .

4 . THE UNDERTAKINGS REFERRED TO IN PARAGRAPH 3 MAY SET UP AGENCIES OR BRANCHES IN THE OTHER MEMBER STATES ONLY FOR THE CLASSES LISTED IN THE ANNEX TO THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) .

5 . De i stk . 3 omhandlede foretagender kan ved oprettelse af datterselskaber i de oevrige medlemsstater med henblik paa at udoeve de i dette direktiv naevnte former for forsikringsvirksomhed , i en overgangsperiode paa ti aar fra meddelelsen af dette direktiv anvende de i artikel 35 naevnte betingelser og lempelige vilkaar , saafremt de ikke allerede dér har et agentur eller en filial inden for andre forsikringsklasser end de i dette direktiv naevnte .

5 . THE UNDERTAKINGS REFERRED TO IN PARAGRAPH 3 MAY , BY SETTING UP SUBSIDIARIES IN OTHER MEMBER STATES TO CARRY ON THE ACTIVITIES REFERRED TO IN THIS DIRECTIVE , AVAIL THEMSELVES OF THE CONDITIONS AND FACILITIES LAID DOWN IN ARTICLE 35 FOR A TRANSITIONAL PERIOD OF 10 YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE , PROVIDED THEY DO NOT ALREADY HAVE AN AGENCY OR BRANCH CARRYING ON IN SUCH MEMBER STATES ANY ACTIVITIES OTHER THAN THOSE COVERED BY THIS DIRECTIVE .

6 . a ) Enhver medlemsstat kan kraeve , at de foretagender , hvis vedtaegtsmaessige hjemsted befinder sig paa dens omraade , inden for en af medlemsstaten fastsat frist ophoerer med samtidigt at udoeve de former for virksomhed , som de udoevede ved meddelelsen af dette direktiv .

6 . ( A ) ANY MEMBER STATE MAY REQUIRE UNDERTAKINGS WHOSE HEAD OFFICES ARE ESTABLISHED IN ITS TERRITORY TO CEASE , WITHIN A PERIOD TO BE DETERMINED BY THE MEMBER STATE CONCERNED , THE SIMULTANEOUS PURSUIT OF ACTIVITIES IN WHICH THEY WERE ENGAGED AT THE TIME OF NOTIFICATION OF THIS DIRECTIVE .

b ) Enhver medlemsstat kan ligeledes efter konsultation af tilsynsmyndighederne i den medlemsstat , hvor det vedtaegtsmaessige hjemsted er beliggende , saerlig om , inden for hvilken frist dette skal ske , kraeve , at denne afgoerelse finder anvendelse paa agenturer og filialer , der er etableret paa dens omraade , og som dér udoever begge former for virksomhed samtidigt .

( B ) AFTER CONSULTING THE SUPERVISORY AUTHORITY OF THE HEAD OFFICE MEMBER STATE , PARTICULARLY IN REGARD TO THE PERIOD WITHIN WHICH SUCH ACTION MUST TAKE PLACE , ANY MEMBER STATE MAY ALSO IMPOSE THIS REQUIREMENT ON AGENCIES OR BRANCHES ESTABLISHED IN ITS TERRITORY WHICH SIMULTANEOUSLY CARRY ON BOTH ACTIVITIES THERE .

c ) Agenturer og filialer af foretagender som omhandlet i stk . 3 , som ved meddelelsen af dette direktiv , paa en medlemsstats omraade udelukkende udoever de i dette direktiv omhandlede former for virksomhed , kan fortsaette hermed . Naar foretagendet oensker at udoeve de i foerste samordningsdirektiv vedroerende skadesforsikring omhandlede former for virksomhed paa dette omraade , kan det kun udoeve de i naervaerende direktiv omhandlede former for virksomhed gennem et datterselskab .

( C ) AGENCIES AND BRANCHES OF THE UNDERTAKINGS REFERRED TO IN PARAGRAPH 3 WHICH , AT THE TIME OF NOTIFICATION OF THIS DIRECTIVE , ARE ENGAGED IN THE TERRITORY OF A MEMBER STATE SOLELY IN THE ACTIVITIES COVERED BY THIS DIRECTIVE MAY CONTINUE THEIR ACTIVITIES THERE . IF THE UNDERTAKING WISHES TO CARRY ON THE ACTIVITIES COVERED BY THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) IN THAT TERRITORY IT MAY ONLY CARRY ON THE ACTIVITIES MENTIONED IN THIS DIRECTIVE THROUGH A SUBSIDIARY .

Artikel 14

ARTICLE 14

1 . Den i artikel 13 , stk . 3 , naevnte saerskilte forvaltning skal gennemfoeres saaledes , at der sker en adskillelse af den virksomhed , der daekkes af dette direktiv , og den virksomhed , der daekkes af det foerste samordningsdirektiv vedroerende skadesforsikring for at

1 . THE SEPARATE MANAGEMENT REFERRED TO IN ARTICLE 13 ( 3 ) MUST BE ORGANIZED IN SUCH A WAY THAT THE ACTIVITIES COVERED BY THIS DIRECTIVE ARE DISTINCT FROM THE ACTIVITIES COVERED BY THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) IN ORDER THAT :

- der ikke sker tilsidesaettelse af de livs - og skadesforsikredes respektive interesser , og navnlig for at overskuddet hidroerende fra livsforsikring kommer de livsforsikrede til gode , paa samme maade som hvis foretagendet kun udoevede livsforsikringsvirksomhed ;

- THE RESPECTIVE INTERESTS OF LIFE POLICY-HOLDERS AND NON-LIFE POLICY-HOLDERS ARE NOT PREJUDICED AND , IN PARTICULAR , THAT PROFITS FROM LIFE ASSURANCE BENEFIT LIFE POLICY-HOLDERS AS IF THE UNDERTAKING ONLY CARRIED ON THE ACTIVITY OF LIFE ASSURANCE ,

- de finansielle minimumsforpligtelser , navnlig den solvensmargen , der paahviler en af virksomhedsformerne i henhold enten til dette direktiv eller til det foerste samordningsdirektiv vedroerende skadesforsikring , ikke baeres af den anden form for virksomhed .

- THE MINIMUM FINANCIAL OBLIGATIONS , IN PARTICULAR SOLVENCY MARGINS , IN RESPECT OF ONE OR OTHER OF THE TWO ACTIVITIES , NAMELY AN ACTIVITY UNDER THIS DIRECTIVE AND AN ACTIVITY UNDER THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) ARE NOT BORNE BY THE OTHER ACTIVITY .

Naar de finansielle minimumsforpligtelser er opfyldt paa de i foerste afsnit , andet led , fastsatte betingelser , og forudsat at den kompetente myndighed underrettes herom , kan foretagendet dog anvende de eksplicitte , endnu disponible bestanddele af solvensmargenen til den ene eller anden form for virksomhed .

HOWEVER , AS LONG AS THE MINIMUM FINANCIAL OBLIGATIONS ARE FULFILLED UNDER THE CONDITIONS LAID DOWN IN THE SECOND INDENT OF THE FIRST SUBPARAGRAPH AND , PROVIDED THE COMPETENT AUTHORITY IS INFORMED , THE UNDERTAKING MAY USE THOSE EXPLICIT ITEMS OF THE SOLVENCY MARGIN WHICH ARE STILL AVAILABLE FOR ONE OR OTHER ACTIVITY .

Tilsynsmyndighederne skal ved gennemgang af de to virksomhedsformers resultater paase , at bestemmelserne i dette stykke overholdes .

THE SUPERVISORY AUTHORITIES SHALL ANALYZE THE RESULTS IN BOTH ACTIVITIES SO AS TO ENSURE THAT THE PROVISIONS OF THIS PARAGRAPH ARE COMPLIED WITH .

2 . a ) Regnskabet skal foeres saaledes , at det fremgaar , hvorledes resultatet for hver af de to former for virksomhed , livsforsikring og skadesforsikring , er opnaaet . Med henblik herpaa opdeles samtlige indtaegter ( bl.a . praemier , indbetalinger fra reassurandoerer , finansielt udbytte ) og udgifter ( bl.a . forsikringsydelser , hensaettelser til tekniske reserver , reassurancepraemier , driftsudgifter til forsikringsvirksomheden ) paa forskellige konti alt efter deres oprindelse . Poster , der er faelles for de to virksomhedsformer , opfoeres efter en fordelingsnoegle , der skal godkendes af den kompetente tilsynsmyndighed .

2 . ( A ) ACCOUNTS SHALL BE DRAWN UP IN SUCH A MANNER AS TO SHOW THE SOURCES OF THE RESULTS FOR EACH OF THE TWO ACTIVITIES , LIFE ASSURANCE AND NON-LIFE INSURANCE . TO THIS END ALL INCOME ( IN PARTICULAR PREMIUMS , PAYMENTS BY RE-INSURERS AND INVESTMENT INCOME ) AND EXPENDITURE ( IN PARTICULAR INSURANCE SETTLEMENTS , ADDITIONS TO TECHNICAL RESERVES , REINSURANCE PREMIUMS , OPERATING EXPENSES IN RESPECT OF INSURANCE BUSINESS ) SHALL BE BROKEN DOWN ACCORDING TO ORIGIN . ITEMS COMMON TO BOTH ACTIVITIES SHALL BE ENTERED IN ACCORDANCE WITH METHODS OF APPORTIONMENT TO BE ACCEPTED BY THE COMPETENT SUPERVISORY AUTHORITY .

b ) Foretagenderne skal paa grundlag af regnskabet udarbejde et dokument , hvoraf det klart fremgaar , hvilke bestanddele hver af solvensmargenerne bestaar af i overensstemmelse med artikel 18 i dette direktiv og med artikel 16 , stk . 1 , i det foerste samordningsdirektiv vedroerende skadesforsikring .

( B ) UNDERTAKINGS MUST , ON THE BASIS OF THE ACCOUNTS , PREPARE A STATEMENT CLEARLY IDENTIFYING THE ITEMS MAKING UP EACH SOLVENCY MARGIN , IN ACCORDANCE WITH ARTICLE 18 OF THIS DIRECTIVE AND ARTICLE 16 ( 1 ) OF THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) .

3 . Saafremt solvensmargenen for den ene af virksomhedsformerne ikke er tilstraekkelig , skal tilsynsmyndighederne over for denne virksomhedsform traeffe de foranstaltninger , som er fastlagt i det for denne gaeldende direktiv , uanset hvilke resultater der er opnaaet af den anden virksomhedsform . Som en undtagelse fra stk . 1 , foerste afsnit , andet led , kan disse foranstaltninger gaa ud paa at tillade overfoersel fra den ene virksomhedsform til den anden .

3 . IF ONE OF THE SOLVENCY MARGINS IS INSUFFICIENT , THE SUPERVISORY AUTHORITIES SHALL APPLY TO THE DEFICIENT ACTIVITY THE MEASURES PROVIDED FOR IN THE RELEVANT DIRECTIVE , WHATEVER THE RESULTS IN THE OTHER ACTIVITY . BY WAY OF DEROGATION FROM THE SECOND INDENT OF THE FIRST SUBPARAGRAPH OF PARAGRAPH 1 , THESE MEASURES MAY INVOLVE THE AUTHORIZATION OF A TRANSFER FROM ONE ACTIVITY TO THE OTHER .

Afdeling B

SECTION B

Betingelser for udoevelse af forsikringsvirksomhed

CONDITIONS FOR CARRYING ON ACTIVITIES

Artikel 15

ARTICLE 15

Medlemsstaterne efterproever i snaevert samarbejde de godkendte foretagenders finansielle situation .

MEMBER STATES SHALL COLLABORATE CLOSELY WITH ONE ANOTHER IN SUPERVISING THE FINANCIAL POSITION OF AUTHORIZED UNDERTAKINGS .

Artikel 16

ARTICLE 16

Tilsynsmyndigheden i den medlemsstat , paa hvis omraade foretagendets vedtaegtsmaessige hjemsted er beliggende , skal efterproeve dette foretagendes solvens for saa vidt angaar dets samlede virksomhedsomraade . Det paahviler tilsynsmyndighederne i de oevrige medlemsstater at give ovennaevnte tilsynsmyndighed alle noedvendige oplysninger for at goere det muligt for denne at gennemfoere den paagaeldende efterproevning .

THE SUPERVISORY AUTHORITY OF THE MEMBER STATE IN WHOSE TERRITORY THE HEAD OFFICE OF THE UNDERTAKING IS SITUATED MUST VERIFY THE STATE OF SOLVENCY OF THE UNDERTAKING WITH RESPECT TO ITS ENTIRE BUSINESS . THE SUPERVISORY AUTHORITIES OF THE OTHER MEMBER STATES SHALL PROVIDE THE FORMER WITH ALL THE INFORMATION NECESSARY TO ENABLE SUCH VERIFICATION TO BE EFFECTED .

Artikel 17

ARTICLE 17

1 . Hver medlemsstat , paa hvis omraade et foretagende udoever sin virksomhed , paalaegger dette at afsaette tilstraekkelige tekniske reserver , herunder praemiereserven .

1 . EACH MEMBER STATE IN WHOSE TERRITORY ACTIVITIES ARE CARRIED ON BY AN UNDERTAKING SHALL REQUIRE THE UNDERTAKING TO ESTABLISH SUFFICIENT TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES .

Stoerrelsen af de tekniske reserver , herunder praemiereserven , bestemmes efter de af staten fastsatte regler eller i mangel heraf efter gaeldende praksis i den paagaeldende stat .

THE AMOUNT OF THE TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , SHALL BE DETERMINED ACCORDING TO THE RULES FIXED BY THE MEMBER STATE , OR , IN THE ABSENCE OF SUCH RULES , ACCORDING TO THE ESTABLISHED PRACTICES IN SUCH STATE .

2 . De tekniske reserver , herunder praemiereserven , skal vaere daekket af aekvivalente og kongruente aktiver , der er lokaliseret i det land , hvor virksomheden udoeves . Medlemsstaterne kan dog lempe reglerne for aktivernes kongruens og lokalisering . Ved lempelse af reglen om kongruens tages der hensyn til de saerlige forhold ved livsforsikring , som i foerste raekke er langfristede kapitalforsikringer .

2 . TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , SHALL BE REQUIRED TO BE COVERED BY EQUIVALENT AND MATCHING ASSETS LOCALIZED IN EACH COUNTRY WHERE ACTIVITIES ARE CARRIED ON . MEMBER STATES MAY , HOWEVER , PERMIT RELAXATIONS IN THE RULES AS TO MATCHING ASSETS AND THE LOCALIZATION OF ASSETS . RELAXATIONS OF THE RULE ON MATCHING ASSETS SHALL TAKE ACCOUNT OF THE CHARACTERISTICS OF LIFE ASSURANCE WHICH IS PRIMARILY A FORM OF CAPITAL AND LONG-TERM INSURANCE .

Luxembourg kan i betragtning af sin saerlige situation opretholde sin ved dette direktivs ikrafttraeden gaeldende garantiordning for de tekniske reserver , herunder praemiereserven , indtil samordningen af lovgivningerne vedroerende virksomhedernes likvidation er gennemfoert .

HAVING REGARD TO ITS SPECIAL POSITION , LUXEMBOURG MAY , PENDING COORDINATION OF LEGISLATION ON THE WINDING-UP OF UNDERTAKINGS , RETAIN ITS SYSTEM OF GUARANTEES FOR TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , EXISTING AT THE DATE OF NOTIFICATION OF THIS DIRECTIVE .

Bestemmelserne i det land , hvor virksomheden udoeves , fastsaetter aktivernes art og i givet fald , i hvilket omfang det kan tillades , at disse daekker de tekniske reserver , herunder praemiereserven , samt reglerne for vurdering af disse aktiver .

THE REGULATIONS OF THE COUNTRY WHERE ACTIVITIES ARE CARRIED ON SHALL DETERMINE THE NATURE OF SUCH ASSETS AND , WHERE APPROPRIATE , THE EXTENT TO WHICH THEY MAY BE USED FOR THE PURPOSE OF COVERING THE TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , AND SHALL ALSO DETERMINE THE RULES FOR VALUING SUCH ASSETS .

Overholdelsen af en saadan ordning kan gennemfoeres ved medvirken fra en person eller en institution uden for foretagendet , som har til opgave paa stedet at tilse , at de aktiver , der skal daekke de tekniske reserver , herunder praemiereserven , er i overensstemmelse med de givne bestemmelser . Det er bl.a . den opgave , som " Treuhaender " har i Tyskland og tillidsmanden i Danmark .

COMPLIANCE WITH THESE REGULATIONS MAY BE ENSURED BY THE INTERVENTION OF A PERSON OR INSTITUTION FROM OUTSIDE THE UNDERTAKING WITH RESPONSIBILITY FOR VERIFYING ON THE SPOT WHETHER THE ASSETS REPRESENTING TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , COMPLY WITH THE REGULATIONS . THIS SHALL BE THE FUNCTION OF , IN PARTICULAR , THE " TREUHAENDER " IN GERMANY AND OF THE " TILLIDSMAND " IN DENMARK .

3 . Saafremt en medlemsstat tillader , at de tekniske reserver , herunder praemiereserven , daekkes af fordringer paa reassurandoererne , fastsaetter den den tilladte procentsats . Den maa i saa fald , uanset stk . 2 , ikke kraeve lokalisering af disse fordringer .

3 . IF A MEMBER STATE ALLOWS ANY TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , TO BE COVERED BY CLAIMS AGAINST RE-INSURERS , IT SHALL FIX THE PERCENTAGE SO ALLOWED . IN SUCH CASE , IT MAY NOT REQUIRE THE ASSETS REPRESENTING SUCH CLAIMS TO BE LOCALIZED IN ITS TERRITORY , NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH 2 .

4 . Tilsynsmyndigheden i den medlemsstat , paa hvis omraade et foretagendes vedtaegtsmaessige hjmsted er beliggende , soerger for , at foretagendets status for saa vidt angaar daekning af de tekniske reserver , herunder praemiereserven , udviser aktiver , der svarer til de forpligtelser , som er indgaaet i alle de lande , hvor det udoever sin virksomhed .

4 . THE SUPERVISORY AUTHORITY OF THE MEMBER STATE IN WHOSE TERRITORY THE HEAD OFFICE OF AN UNDERTAKING IS SITUATED SHALL VERIFY THAT ITS BALANCE SHEET SHOWS IN RESPECT OF THE TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , ASSETS EQUIVALENT TO THE UNDERWRITING LIABILITIES ASSUMED IN ALL THE COUNTRIES WHERE IT CARRIES ON ACTIVITIES .

Artikel 18

ARTICLE 18

Hver medlemsstat paalaegger hvert foretagende , hvis vedtaegtsmaessige hjemsted er beliggende paa dens omraade , at raade over en i forhold til dets samlede virksomhed tilstraekkelig solvensmargen .

EACH MEMBER STATE SHALL REQUIRE OF EVERY UNDERTAKING WHOSE HEAD OFFICE IS SITUATED IN ITS TERRITORY AN ADEQUATE SOLVENCY MARGIN IN RESPECT OF ITS ENTIRE BUSINESS .

Solvensmargenen udgoeres af :

THE SOLVENCY MARGIN SHALL CONSIST OF :

1 . foretagendets formue fri for enhver paaregnelig forpligtelse og med fradrag af immaterielle vaerdier ; denne formue omfatter navnlig :

1 . THE ASSETS OF THE UNDERTAKING , FREE OF ALL FORESEEABLE LIABILITIES , LESS ANY INTANGIBLE ITEMS ; IN PARTICULAR THE FOLLOWING SHALL BE INCLUDED :

- den indbetalte aktiekapital eller for gensidige forsikringsselskaber den indbetalte garantikapital ,

- THE PAID-UP SHARE CAPITAL OR , IN THE CASE OF A MUTUAL CONCERN , THE PAID-UP AMOUNT OF ITS FUND ,

- halvdelen af den ikke-indbetalte aktiekapital eller garantikapital , naar den indbetalte del udgoer 25 % af denne kapital ,

- ONE HALF OF THE UNPAID-UP SHARE CAPITAL OR FUND ONCE 25 % OF SUCH CAPITAL OR FUND ARE PAID UP ,

- lovmaessige og frie reserver , der ikke modsvarer forpligtelserne ,

- STATUTORY RESERVES AND FREE RESERVES NOT CORRESPONDING TO UNDERWRITING LIABILITIES ,

- overfoert overskud ;

- ANY CARRY-FORWARD OF PROFITS ;

2 . i det omfang den nationale lovgivning tilladet det : de bonusreserver , der er opfoert paa status , for saa vidt de kan anvendes til daekning af eventuelle tab og ikke er udloddet til de enkelte forsikrede .

2 . IN SO FAR AS AUTHORIZED UNDER NATIONAL LAW , PROFIT RESERVES APPEARING IN THE BALANCE SHEET WHERE THEY MAY BE USED TO COVER ANY LOSSES WHICH MAY ARISE AND WHERE THEY HAVE NOT BEEN MADE AVAILABLE FOR DISTRIBUTION TO POLICY-HOLDERS ;

3 . efter ansoegning og begrundelse fra foretagendet rettet til tilsynsmyndigheden i den medlemsstat , paa hvis omraade dets vedtaegtsmaessige hjemsted er beliggende , og med denne myndigheds indoforstaaelse :

3 . UPON APPLICATION , WITH SUPPORTING EVIDENCE , BY THE UNDERTAKING TO THE SUPERVISORY AUTHORITY OF THE MEMBER STATE IN THE TERRITORY OF WHICH ITS HEAD OFFICE IS SITUATED AND WITH THE AGREEMENT OF THAT AUTHORITY :

a ) et beloeb , der svarer til 50 % af foretagendets fremtidige overskud ; stoerrelsen af det fremtidige overskud bestemmes ved at multiplicere det skoennede aarlige overskud med en faktor , der er udtryk for kontrakternes gennemsnitlige restvarighed ; denne faktor kan ikke overstige 10 ; det skoennede aarlige overskud saettes til det aritmetiske gennemsnit af det i loebet af de seneste fem aar opnaaede overskud inden for de i artikel 1 opregnede former for virksomhed .

( A ) AN AMOUNT EQUAL TO 50 % OF THE UNDERTAKING'S FUTURE PROFITS ; THE AMOUNT OF THE FUTURE PROFITS SHALL BE OBTAINED BY MULTIPLYING THE ESTIMATED ANNUAL PROFIT BY A FACTOR WHICH REPRESENTS THE AVERAGE PERIOD LEFT TO RUN ON POLICIES ; THE FACTOR USED MAY NOT EXCEED 10 ; THE ESTIMATED ANNUAL PROFIT SHALL BE THE ARITHMETICAL AVERAGE OF THE PROFITS MADE OVER THE LAST FIVE YEARS IN THE ACTIVITIES LISTED IN ARTICLE 1 .

Beregningsgrundlaget for multiplikationsfaktoren for det skoennede aarlige overskud samt de elementer , der indgaar i beregningen af det opnaaede overskud , fastsaettes efter faelles aftale af medlemsstaternes kompetente myndigheder i samarbejde med Kommissionen . Indtil denne aftale er kommet i stand , fastlaegges disse elementer i overensstemmelse med lovgivningen i den medlemsstat , paa hvis omraade foretagendet ( hovedsaede , agentur eller filial ) udoever sin virksomhed .

THE BASES FOR CALCULATING THE FACTOR BY WHICH THE ESTIMATED ANNUAL PROFIT IS TO BE MULTIPLIED AND THE ITEMS COMPRISING THE PROFITS MADE SHALL BE DEFINED BY COMMON AGREEMENT BY THE COMPETENT AUTHORITIES OF THE MEMBER STATES IN COLLABORATION WITH THE COMMISSION . PENDING SUCH AGREEMENT , THOSE ITEMS SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE MEMBER STATE IN THE TERRITORY OF WHICH THE UNDERTAKING ( HEAD OFFICE , AGENCY OR BRANCH ) CARRIES ON ITS ACTIVITIES .

Efter at de kompetente myndigheder har defineret begrebet " det opnaaede overskud " , skal Kommissionen fremsaette forslag til harmonisering af dette begreb inden for rammerne af et direktiv om harmonisering af forsikringsforetagenders aarsregnskaber og om gennemfoerelse af den samordning , der er fastsat i artikel 1 , stk . 2 , i direktiv 78/660/EOEF ( 7 ) .

WHEN THE COMPETENT AUTHORITIES HAVE DEFINED THE CONCEPT OF PROFITS MADE , THE COMMISSION SHALL SUBMIT PROPOSALS FOR THE HARMONIZATION OF THIS CONCEPT BY MEANS OF A DIRECTIVE ON THE HARMONIZATION OF THE ANNUAL ACCOUNTS OF INSURANCE UNDERTAKINGS AND PROVIDING FOR THE COORDINATION SET OUT IN ARTICLE 1 ( 2 ) OF DIRECTIVE 78/660/EEC ( 7 ) ;

b ) saafremt der ikke anvendes zillmering , eller saafremt der anvendes zillmering , som ikke naar op paa de akkvisitionstillaeg , som indgaar i praemien : forskellen mellem den praemiereserve , der ikke er zillmeret eller delvis zillmeret , og en praemiereserve , der er zillmeret med en zillmeringssats , der er lig de akkvisitionstillaeg , som indgaar i praemien ; dette beloeb maa dog ikke overstige 3,5 % af summen af forskellen mellem livsforsikringskapitalerne og praemiereserverne for alle de kontrakter , hvor zillmering er mulig ; men denne forskel nedsaettes eventuelt med et beloeb , som svarer til de ikke afskrevne akkvisitionsomkostninger , der er opfoert som et aktiv ;

( B ) WHERE ZILLMERIZING IS NOT PRACTISED OR WHERE , IF PRACTISED , IT IS LESS THAN THE LOADING FOR ACQUISITION COSTS INCLUDED IN THE PREMIUM , THE DIFFERENCE BETWEEN A NON-ZILLMERIZED OR PARTIALLY ZILLMERIZED MATHEMATICAL RESERVE AND A MATHEMATICAL RESERVE ZILLMERIZED AT A RATE EQUAL TO THE LOADING FOR ACQUISITION COSTS INCLUDED IN THE PREMIUM ; THIS FIGURE MAY NOT , HOWEVER , EXCEED 3,5 % OF THE SUM OF THE DIFFERENCES BETWEEN THE RELEVANT CAPITAL SUMS OF LIFE ASSURANCE ACTIVITIES AND THE MATHEMATICAL RESERVES FOR ALL POLICIES FOR WHICH ZILLMERIZING IS POSSIBLE ; THE DIFFERENCE SHALL BE REDUCED BY THE AMOUNT OF ANY UNDEPRECIATED ACQUISITION COSTS ENTERED AS AN ASSET ;

c ) saafremt der gives godkendelse fra tilsynsmyndighederne i de paagaeldende medlemsstater , hvor foretagendet udoever sin virksomhed : de skjulte reserver , der er opstaaet som foelge af en for lav ansaettelse af aktiver og en for hoej ansaettelse af passiverne bortset fra praemiereserverne , i det omfang saadanne skjulte reserver ikke har karakter af et undtagelsestilfaelde .

( C ) WHERE APPROVAL IS GIVEN BY THE SUPERVISORY AUTHORITIES OF THE MEMBER STATES CONCERNED IN WHICH THE UNDERTAKING IS CARRYING ON ITS ACTIVITIES ANY HIDDEN RESERVES RESULTING FROM THE UNDER-ESTIMATION OF ASSETS AND OVER-ESTIMATION OF LIABILITIES OTHER THAN MATHEMATICAL RESERVES IN SO FAR AS SUCH HIDDEN RESERVES ARE NOT OF AN EXCEPTIONAL NATURE .

Artikel 19

ARTICLE 19

Med forbehold af artikel 20 skal solvensmargenens minimum fastsaettes som anfoert nedenfor , alt efter hvilke forsikringsklasser der udoeves :

SUBJECT TO ARTICLE 20 , THE MINIMUM SOLVENCY MARGIN SHALL BE DETERMINED AS SHOWN BELOW ACCORDING TO THE CLASSES OF INSURANCE UNDERWRITTEN :

a ) For den forsikringsvirksomhed , som omhandles i artikel 1 , nr . 1 , litra a ) og b ) , bortset fra forsikringsvirksomhed knyttet til investeringsfonds , og den i artikel 1 , nr . 3 , omhandlede virksomhed skal dette minimum vaere summen af foelgende to resultater :

( A ) FOR THE KINDS OF INSURANCE REFERRED TO IN ARTICLE 1 ( 1 ) ( A ) AND ( B ) OTHER THAN ASSURANCES LINKED TO INVESTMENT FUNDS AND FOR THE OPERATIONS REFERRED TO IN ARTICLE 1 ( 3 ) , IT MUST BE EQUAL TO THE SUM OF THE FOLLOWING TWO RESULTS :

- foerste resultat :

- FIRST RESULT :

Det tal , der svarer til 4 % af praemiereserven , vedroerende direkte forsikringsvirksomhed uden fradrag af afgivelse i genforsikring og vedroerende overtagelser af genforsikring , skal multipliceres med det forhold , der i det seneste regnskabsaar bestod mellem praemiereservernes beloeb , med fradrag af afgivelserne i genforsikring , og praemiereservernes bruttobeloeb som naevnt ovenfor ; dette forhold maa under ingen omstaendigheder vaere mindre end 85 % ;

A 4 % FRACTION OF THE MATHEMATICAL RESERVES , RELATING TO DIRECT BUSINESS GROSS OF RE-INSURANCE CESSIONS AND TO RE-INSURANCE ACCEPTANCES SHALL BE MULTIPLIED BY THE RATIO , FOR THE LAST FINANCIAL YEAR , OF THE TOTAL MATHEMATICAL RESERVES NET OF RE-INSURANCE CESSIONS TO THE GROSS TOTAL MATHEMATICAL RESERVES AS SPECIFIED ABOVE ; THAT RATIO MAY IN NO CASE BE LESS THAN 85 % ;

- andet resultat :

- SECOND RESULT :

For de kontrakter , hvor risikosummen ikke er negativ , multipliceres det tal , der udgoer 0,3 % af risikosummen , som foretagendet har paataget sig ansvaret for , med det forhold , der i det seneste regnskabsaar bestod mellem stoerrelsen af risikosummen , for hvilken foretagendet forbliver ansvarligt efter afgivelse og retrocession i genforsikring , og stoerrelsen af risikosummen uden fradrag af afgivelse i genforsikring ; dette forhold maa under ingen omstaendigheder vaere under 50 % ;

FOR POLICIES ON WHICH THE CAPITAL AT RISK IS NOT A NEGATIVE FIGURE , A 0,3 % FRACTION OF SUCH CAPITAL UNDERWRITTEN BY THE UNDERTAKING SHALL BE MULTIPLIED BY THE RATIO , FOR THE LAST FINANCIAL YEAR , OF THE TOTAL CAPITAL AT RISK RETAINED AS THE UNDERTAKING'S LIABILITY AFTER RE-INSURANCE CESSIONS AND RETROCESSIONS TO THE TOTAL CAPITAL AT RISK GROSS OF RE-INSURANCE ; THAT RATIO MAY IN NO CASE BE LESS THAN 50 % .

For ophoerende doedsfaldsforsikringer med en loebetid paa hoejst tre aar udgoer ovennaevnte procentsats 0,1 % ; for doedsfaldsforsikringer med en loebetid paa over 3 aar men ikke over 5 aar udgoer procentsatsen 0,15 % .

FOR TEMPORARY ASSURANCE ON DEATH OF A MAXIMUM TERM OF THREE YEARS THE ABOVE FRACTION SHALL BE 0,1 % ; FOR SUCH ASSURANCE OF A TERM OF MORE THAN THREE YEARS BUT NOT MORE THAN FIVE YEARS THE ABOVE FRACTION SHALL BE 0,15 % .

b ) For accessoriske forsikringer , der omhandles i artikel 1 , nr . 1 , litra c ) , skal solvensmargenen vaere lig resultatet af foelgende beregning :

( B ) FOR THE SUPPLEMENTARY INSURANCE REFERRED TO IN ARTICLE 1 ( 1 ) ( C ) , IT SHALL BE EQUAL TO THE RESULT OF THE FOLLOWING CALCULATION :

- de tilgodehavende praemier eller bidrag i direkte forsikringsforretninger af enhver art i loebet af det seneste regnskabsaar , inklusive accessoriske , laegges sammen ;

- THE PREMIUMS OR CONTRIBUTIONS ( INCLUSIVE OF CHARGES ANCILLARY TO PREMIUMS OR CONTRIBUTIONS ) DUE IN RESPECT OF DIRECT BUSINESS IN THE LAST FINANCIAL YEAR IN RESPECT OF ALL FINANCIAL YEARS SHALL BE AGGREGATED ;

- hertil laegges beloebet for de praemier , der er overtaget i genforsikring i loebet af det seneste regnskabsaar ;

- TO THIS AGGREGATE THERE SHALL BE ADDED THE AMOUNT OF PREMIUMS ACCEPTED FOR ALL REINSURANCE IN THE LAST FINANCIAL YEAR ;

- herfra fradrages det samlede beloeb for de i loebet af det seneste regnskabsaar annullerede praemier eller bidrag samt det samlede beloeb for skatter og afgifter paa de praemier og bidrag , der indgaar i den samlede indtaegt .

- FROM THIS SUM SHALL THEN BE DEDUCTED THE TOTAL AMOUNT OF PREMIUMS OR CONTRIBUTIONS CANCELLED IN THE LAST FINANCIAL YEAR AS WELL AS THE TOTAL AMOUNT OF TAXES AND LEVIES PERTAINING TO THE PREMIUMS OR CONTRIBUTIONS ENTERING INTO THE AGGREGATE .

Efter at have delt det saaledes fremkomne beloeb i to rater , af hvilke den foerste gaar op til 10 millioner regningsenheder , og den anden omfatter det resterende beloeb , beregnes broekdele paa henholdsvis 18 % og 16 % af disse rater og laegges sammen .

THE AMOUNT SO OBTAINED SHALL BE DIVIDED INTO TWO PORTIONS , THE FIRST EXTENDING UP TO 10 MILLION UNITS OF ACCOUNT AND THE SECOND COMPRISING THE EXCESS ; 18 % AND 16 % OF THESE PORTIONS RESPECTIVELY SHALL BE CALCULATED AND ADDED TOGETHER .

Den saaledes beregnede sum multipliceres med det forhold , der i det seneste regnskabsaar bestod mellem stoerrelsen af foretagendets forsikringsydelser efter afgivelse og retrocession i genforsikring , og forsikringsydelsernes bruttobeloeb ; dette forhold maa under ingen omstaendigheder vaere under 50 % .

THE RESULT SHALL BE OBTAINED BY MULTIPLYING THE SUM SO CALCULATED BY THE RATIO EXISTING IN RESPECT OF THE LAST FINANCIAL YEAR BETWEEN THE AMOUNT OF CLAIMS REMAINING TO BE BORNE BY THE UNDERTAKING AFTER DEDUCTION OF TRANSFERS FOR REINSURANCE AND THE GROSS AMOUNT OF CLAIMS ; THIS RATIO MAY IN NO CASE BE LESS THAN 50 % .

For saa vidt angaar sammenslutningen af forsikringsgivere kaldet Lloyd's , sker beregningen af solvensmargenen paa grundlag af nettopraemierne ; disse multipliceres med en fast procentsats , der fastsaettes aarligt af tilsynsmyndigheden i den medlemsstat , hvor det vedtaegtsmaessige hjemsted er beliggende . Denne faste procentsats skal beregnes paa grundlag af de seneste statistiske oplysninger , saerlig vedroerende de udbetalte provisioner . Disse oplysninger samt de foretagne beregninger meddeles tilsynsmyndighederne i de lande , paa hvis omraade Lloyd's er etableret .

IN THE CASE OF THE ASSOCATION OF UNDERWRITERS KNOWN AS LLOYD'S , THE CALCULATION OF THE SOLVENCY MARGIN SHALL BE MADE ON THE BASIS OF NET PREMIUMS , WHICH SHALL BE MULTIPLIED BY FLAT-RATE PERCENTAGE FIXED ANNUALLY BY THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE . THIS FLAT-RATE PERCENTAGE MUST BE CALCULATED ON THE BASIS OF THE MOST RECENT STATISTICAL DATA ON COMMISSIONS PAID . THE DETAILS TOGETHER WITH THE RELEVANT CALCULATIONS SHALL BE SENT TO THE SUPERVISORY AUTHORITIES OF THE COUNTRIES IN WHOSE TERRITORY LLOYD'S IS ESTABLISHED .

( 1 ) EFT nr . C 35 af 28 . 3 . 1974 , s . 9 .

( C ) FOR PERMANENT HEALTH INSURANCE NOT SUBJECT TO CANCELLATION REFERRED TO IN ARTICLE 1 ( 1 ) ( D ) , AND FOR CAPITAL REDEMPTION OPERATIONS REFERRED TO IN ARTICLE 1 ( 2 ) ( B ) , IT SHALL BE EQUAL TO A 4 % FRACTION OF THE MATHEMATICAL RESERVES CALCULATED IN COMPLIANCE WITH THE CONDITIONS SET OUT IN THE FIRST RESULT IN ( A ) OF THIS ARTICLE .

( 2 ) EFT nr . C 140 af 13 . 11 . 1974 , s . 44 .

( D ) FOR TONTINES , REFERRED TO IN ARTICLE 1 ( 2 ) ( A ) , IT SHALL BE EQUAL TO 1 % OF THEIR ASSETS .

( 3 ) EFT nr . C 109 af 19 . 9 . 1974 , s . 1 .

( E ) FOR ASSURANCES COVERED BY ARTICLE 1 ( 1 ) ( A ) AND ( B ) LINKED TO INVESTMENT FUNDS AND FOR THE OPERATIONS REFERRED TO IN ARTICLE 1 ( 2 ) ( C ) , ( D ) AND ( E ) IT SHALL BE EQUAL TO :

( 4 ) EFT nr . L 228 af 16 . 8 . 1973 , s . 20 .

- A 4 % FRACTION OF THE MATHEMATICAL RESERVES , CALCULATED IN COMPLIANCE WITH THE CONDITIONS SET OUT IN THE FIRST RESULT IN ( A ) OF THIS ARTICLE IN SO FAR AS THE UNDERTAKING BEARS AN INVESTMENT RISK , AND A 1 % FRACTION OF THE RESERVES CALCULATED IN THE FASHION , IN SO FAR AS THE UNDERTAKING BEARS NO INVESTMENT RISK PROVIDED THAT THE TERM OF THE CONTRACT EXCEEDS FIVE YEARS AND THE ALLOCATION TO COVER MANAGEMENT EXPENSES SET OUT IN THE CONTRACT IS FIXED FOR A PERIOD EXCEEDING FIVE YEARS

( 5 ) EFT nr . L 228 af 16 . 8 . 1973 , s . 3 .

PLUS

( 6 ) EFT nr . L 356 af 31 . 12 . 1977 , s . 1 .

- A 0,3 % FRACTION OF THE CAPITAL AT RISK CALCULATED IN COMPLIANCE WITH THE CONDITIONS SET OUT IN THE FIRST SUBPARAGRAPH OF THE SECOND RESULT OF ( A ) OF THIS ARTICLE IN SO FAR AS THE UNDERTAKING COVERS A DEATH RISK .

( 7 ) EFT nr . L 222 af 14 . 8 . 1978 , s . 11 .

ARTICLE 20

c ) For de i artikel 1 , nr . 1 , litra d ) , omhandlede sygeforsikringer , som indgaas for en lang periode og er uopsigelige , og for den i artikel 1 , nr . 2 , litra b ) , omhandlede kapitaliseringsvirksomhed skal solvensmargenen vaere lig 4 % af praemiereserven , beregnet som angivet i denne artikel under litra a ) , foerste resultat .

1 . ONE THIRD OF THE MINIMUM SOLVENCY MARGIN AS SPECIFIED IN ARTICLE 19 SHALL CONSTITUTE THE GUARANTEE FUND . SUBJECT TO PARAGRAPH 2 , AT LEAST 50 % OF THIS FUND SHALL CONSIST OF THE ITEMS LISTED IN ARTICLE 18 ( 1 ) AND ( 2 ) .

d ) For tontine-virksomhed , som omhandlet i artikel 1 , nr . 2 , litra a ) , skal solvensmargenen vaere lig 1 % af sammenslutningernes formue .

2 . ( A ) THE GUARANTEE FUND MAY NOT , HOWEVER , BE LESS THAN A MINIMUM OF 800 000 UNITS OF ACCOUNT .

e ) For forsikringsvirksomhed , som omhandlet i artikel 1 , nr . 1 , litra a ) og b ) , og som er knyttet til investeringsfonds , samt for den i artikel 1 , nr . 2 , litra c ) , d ) og e ) , naevnte virksomhed , skal solvensmargenen vaere lig med :

( B ) ANY MEMBER STATE MAY PROVIDE FOR THE MINIMUM OF THE GUARANTEE FUND TO BE REDUCED TO 600 000 UNITS OF ACCOUNT IN THE CASE OF MUTUAL ASSOCIATIONS AND MUTUAL-TYPE ASSOCIATIONS AND TONTINES .

- 4 % af praemiereserven , beregnet som angivet i denne artikel under litra a ) , foerste resultat , i det omfang foretagendet paatager sig en investeringsrisiko , og 1 % af den saaledes beregnede reserve , i det omfang foretagendet ikke paatager sig nogen investeringsrisiko , og under forudsaetning af , at kontraktens loebetid overstiger fem aar , og det beloeb , der skal daekke de i kontrakten fastsatte driftsomkostninger , fastsaettes for en periode paa over fem aar ,

( C ) FOR MUTUAL ASSOCIATIONS REFERRED TO IN THE SECOND SENTENCE OF THE SECOND INDENT OF ARTICLE 3 ( 2 ) , AS SOON AS THEY COME WITHIN THE SCOPE OF THIS DIRECTIVE , AND FOR TONTINES , ANY MEMBER STATE MAY PERMIT THE ESTABLISHMENT OF A MINIMUM OF THE GUARANTEE FUND OF 100 000 UNITS OF ACCOUNT TO BE INCREASED PROGRESSIVELY TO THE AMOUNT FIXED IN ( B ) BY SUCCESSIVE TRANCHES OF 100 000 UNITS OF ACCOUNT WHENEVER THE CONTRIBUTIONS INCREASE BY 500 000 UNITS OF ACCOUNT .

plus

( D ) THE MINIMUM OF THE GUARANTEE FUND REFERRED TO IN ( A ) , ( B ) AND ( C ) MUST CONSIST OF THE ITEMS LISTED IN ARTICLE 18 ( 1 ) AND ( 2 ) .

- 0,3 % af risikosummen , beregnet som angivet i denne artikel under litra a ) , andet resultat , foerste afsnit , i det omfang foretagendet paatager sig en doedsrisiko .

3 . MUTUAL ASSOCIATIONS WISHING TO EXTEND THEIR BUSINESS WITHIN THE MEANING OF ARTICLE 8 ( 2 ) OR ARTICLE 10 MAY NOT DO SO UNLESS THEY COMPLY IMMEDIATELY WITH THE REQUIREMENTS OF PARAGRAPH 2 ( A ) AND ( B ) OF THIS ARTICLE .

Artikel 20

ARTICLE 21

1 . En tredjedel af solvensmargenens minimum , saaledes som fastsat i artikel 19 , udgoer garantifonden . Den bestaar med forbehold af stk . 2 for op til mindst 50 %'s vedkommende af de bestanddele , der er naevnt i artikel 18 , nr . 1 og 2 .

1 . MEMBER STATES SHALL NOT PRESCRIBE ANY RULES AS TO THE CHOICE OF THE ASSETS IN EXCESS OF THOSE REPRESENTING THE RESERVES REFERRED TO IN ARTICLE 17 .

2 . a ) Garantifonden skal dog vaere mindst 800 000 regningsenheder .

2 . SUBJECT TO ARTICLE 17 ( 2 ) , ARTICLE 24 ( 1 ) AND ( 3 ) AND THE LAST SUBPARAGRAPH OF ARTICLE 26 ( 1 ) , MEMBER STATES SHALL NOT RESTRAIN THE FREE DISPOSAL OF ASSETS , WHETHER MOVABLE OR IMMOVABLE , FORMING PART OF THE ASSETS OF AUTHORIZED UNDERTAKINGS .

b ) Hver medlemsstat kan traeffe bestemmelse om , at minimumsgarantifonden nedsaettes til 600 000 regningsenheder for gensidige selskaber og tontine-selskaber .

3 . THIS ARTICLE SHALL NOT PRECLUDE ANY MEASURES WHICH MEMBER STATES , WHILE OBSERVING THE RULES PREVAILING IN COUNTRIES WHERE ACTIVITIES ARE CARRIED ON AS REQUIRED UNDER ARTICLE 17 ( 2 ) AND WHILE SAFEGUARDING THE INTERESTS OF POLICY-HOLDERS , ARE ENTITLED TO TAKE AS OWNERS OR MEMBERS OR ASSOCIATES OF THE UNDERTAKINGS IN QUESTION .

c ) For tontine-selskaber , samt for de i artikel 3 , stk . 2 , andet led , andet punktum , naevnte gensidige forsikringsselskaber , kan hver medlemsstat , saa snart disse falder ind under direktivets anvendelsesomraade , tillade , at der oprettes en minimumsgarantifond paa 100 000 regningsenheder , som efterhaanden bringes op paa det i litra b ) fastsatte beloeb ved indbetalinger af paa hinanden foelgende rater paa 100 000 regningsenheder hver gang praemieindtaegten stiger med 500 000 regningsenheder .

ARTICLE 22

d ) Den i litra a ) , b ) og c ) omhandlede minimumsgarantifond skal vaere sammensat af de bestanddele , der er naevnt i artikel 18 , nr . 1 og 2 .

1 . MEMBER STATES MAY NOT REQUIRE UNDERTAKINGS TO CEDE PART OF THEIR UNDERWRITING OF ACTIVITIES LISTED IN ARTICLE 1 TO AN ORGANIZATION OR ORGANIZATIONS DESIGNATED BY NATIONAL REGULATIONS .

3 . Gensidige forsikringsselskaber , der oensker at udvide deres virksomhed i henhold til artikel 8 , stk . 2 , eller artikel 10 , kan kun goere dette , saafremt de omgaaende efterkommer reglerne i stk . 2 , litra a ) og b ) , i denne artikel .

2 . ( A ) THE ITALIAN REPUBLIC MAY , AS AN EXCEPTION , CONTINUE TO REQUIRE UNDERTAKINGS ESTABLISHED IN ITS TERRITORY TO CEDE PART OF THEIR UNDERWRITING TO THE ISTITUTO NAZIONALE DI ASSICURAZIONI , ON CONDITION THAT :

Artikel 21

- THE EXTENT OF THAT REQUIREMENT AS AT THE TIME OF NOTIFICATION OF THIS DIRECTIVE IS IN NO WAY ENLARGED ,

1 . Medlemsstaterne fastsaetter ingen regler for valget af de aktiver , der ikke medgaar til daekningen af de i artikel 17 omhandlede tekniske reserver .

- WHERE ACCOUNT IS TAKEN , IN DETERMINING THE COMPULSORY CESSION PERCENTAGE , OF THE PERIOD DURING WHICH THE AGENCY OR BRANCH HAS BEEN ESTABLISHED IN ITALY , ACCOUNT SHALL ALSO BE TAKEN OF THE TOTAL NUMBER OF FINANCIAL YEARS DURING WHICH THE UNDERTAKING HAS CARRIED ON THE KINDS OF INSURANCE REFERRED TO IN ARTICLE 1 IN THE TERRITORY OF THE MEMBER STATE IN WHICH ITS HEAD OFFICE IS SITUATED . IN SUCH CASES , THE COMPETENT AUTHORITY IN THAT STATE SHALL ISSUE A CERTIFICATE IN CONFORMITY WITH THAT REFERRED TO IN ARTICLE 10 ( 1 ) ( B ) IN RESPECT OF THE ENTIRE PERIOD DURING WHICH THE UNDERTAKING HAS CARRIED ON BUSINESS IN THOSE KINDS OF INSURANCE .

2 . Med forbehold af artikel 17 , stk . 2 , artikel 24 , stk . 1 og 3 , og artikel 26 , stk . 1 , sidste afsnit , afstaar medlemsstaterne fra at begraense den fri raadighed over aktiver i fast ejendom og andet end fast ejendom , som indgaar i de godkendte foretagenders formue .

( B ) THIS MATTER SHALL BE RE-EXAMINED IN CONNECTION WITH A SECOND DIRECTIVE RELATING TO THE COORDINATION OF LAWS ON LIFE ASSURANCE AND LAYING DOWN PROVISIONS INTENDED TO FACILITATE THE EFFECTIVE EXERCISE OF FREEDOM TO PROVIDE SERVICES .

3 . Disse bestemmelser er ikke til hinder for foranstaltninger , som medlemsstaterne er berettigede til at traeffe i deres egenskab af ejere af eller deltager i de paagaeldende foretagender , saafremt de overholder de i artikel 17 , stk . 2 , omhandlede bestemmelser i det land , hvor der udoeves virksomhed , og de forsikredes interesser beskyttes .

ARTICLE 23

Artikel 22

1 . EACH MEMBER STATE SHALL REQUIRE EVERY UNDERTAKING WHOSE HEAD OFFICE IS SITUATED IN ITS TERRITORY TO PRODUCE AN ANNUAL ACCOUNT , COVERING ALL TYPES OF OPERATION , OF ITS FINANCIAL SITUATION AND SOLVENCY .

1 . Medlemsstaterne kan ikke paalaegge foretagender , at de skal afgive en del af deres tegnede forsikringer vedroerende de i artikel 1 omhandlede forsikringsformer til et eller flere organer , som er fastsat af de nationale bestemmelser .

2 . MEMBER STATES SHALL REQUIRE UNDERTAKINGS CARRYING ON ACTIVITIES IN THEIR TERRITORY TO RENDER PERIODICALLY THE RETURNS , TOGETHER WITH STATISTICAL DOCUMENTS , WHICH ARE NECESSARY FOR THE PURPOSES OF SUPERVISION . THE COMPETENT SUPERVISORY AUTHORITIES SHALL FURNISH EACH OTHER WITH THE DOCUMENTS AND INFORMATION NECESSARY FOR EXERCISING SUPERVISION .

2 . a ) Den italienske Republik kan undtagelsesvis fastholde kravet om , at foretagender , der er etableret i landet , skal afgive en del af deres tegnede forsikringer til Istituto Nazionale di Assicurazioni paa nedenstaaende betingelser :

ARTICLE 24

- omfanget af denne forpligtelse som fastsat paa tidspunktet for dette direktivs meddelelse maa under ingen omstaendigheder udvides ;

1 . IF AN UNDERTAKING DOES NOT COMPLY WITH THE PROVISIONS ENVISAGED IN ARTICLE 17 , THE SUPERVISORY AUTHORITY OF THE MEMBER STATE IN WHOSE TERRITORY IT CARRIES ON ITS ACTIVITY MAY PROHIBIT THE FREE DISPOSAL OF ASSETS LOCALIZED IN THAT MEMBER STATE AFTER HAVING INFORMED THE SUPERVISORY AUTHORITIES OF THE HEAD-OFFICE MEMBER STATE OF ITS INTENTION .

- saafremt der ved fastsaettelsen af procentsatsen for den obligatoriske afgivelse indgaar en betingelse vedroerende det tidsrum , hvor agenturet eller filialen har vaeret etableret i Italien , skal der ligeledes tages hensyn til det samlede antal regnskabsaar , i hvilke foretagendet har udoevet virksomhed inden for de i artikel 1 naevnte forsikringsklasser paa den medlemsstats omraade , hvor det vedtaegstmaessige hjemsted er beliggende . Denne stats kompetente myndigheder udsteder da et certifikat svarende til det i artikel 10 , stk . 1 , litra b ) , naevnte , for hele den periode , i hvilken foretagendet har udoevet virksomhed inden for de paagaeldende klasser .

2 . FOR THE PURPOSES OF RESTORTING THE FINANCIAL SITUATION OF AN UNDERTAKING WHOSE SOLVENCY MARGIN HAS FALLEN BELOW THE MINIMUM REQUIRED UNDER ARTICLE 19 , THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE SHALL REQUIRE A PLAN FOR THE RESTORATION OF A SOUND FINANCIAL POSITION TO BE SUBMITTED FOR ITS APPROVAL .

b ) Dette spoergsmaal vil blive taget op til fornyet behandling i forbindelse med andet direktiv om samordning af medlemsstaternes lovgivning vedroerende livsforsikring og om bestemmelser med henblik paa at lette den faktiske udoevelse af den fri udveksling af tjenesteydelser .

3 . IF THE SOLVENCY MARGIN FALLS BELOW THE GUARANTEE FUND AS DEFINED IN ARTICLE 20 , OR IF THE LATTER IS NO LONGER CONSTITUTED AS LAID DOWN IN THAT ARTICLE , THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE SHALL REQUIRE THE UNDERTAKING TO SUBMIT A SHORT-TERM FINANCE SCHEME FOR ITS APPROVAL .

Artikel 23

IT MAY ALSO RESTRICT OR PROHIBIT THE FREE DISPOSAL OF THE ASSETS OF THE UNDERTAKING . IT SHALL INFORM THE AUTHORITIES OF OTHER MEMBER STATES IN WHOSE TERRITORIES THE UNDERTAKING IS AUTHORIZED OF ANY MEASURES AND THE LATTER SHALL , AT THE REQUEST OF THE FORMER , TAKE THE SAME MEASURES .

1 . Hver medlemsstat paalaegger de foretagender , der har deres vedtaegtsmaessige hjemsted paa dens omraade , hvert aar at aflaegge beretning over deres samlede virksomhed , deres situation og deres solvens .

4 . THE COMPETENT SUPERVISORY AUTHORITIES MAY FURTHER TAKE ALL MEASURES NECESSARY TO SAFEGUARD THE POLICY-HOLDERS' INTERESTS IN THE CASES PROVIDED FOR IN PARAGRAPHS 1 AND 3 .

2 . Medlemsstaterne kraever , at de foretagender , der udoever virksomhed paa deres omraade , regelmaessigt fremlaegger det for udoevelsen af tilsynet noedvendige materiale samt statistisk materiale . De kompetente tilsynsmyndigheder tilsender hinanden det materiale og de oplysninger , der er fornoedne til udoevelsen af tilsynet .

5 . THE SUPERVISORY AUTHORITIES OF OTHER MEMBER STATES IN WHOSE TERRITORY THE UNDERTAKING IN QUESTION HAS ALSO BEEN AUTHORIZED SHALL COLLABORATE FOR THE PURPOSE OF IMPLEMENTING THE PROVISONS REFERRED TO IN PARAGRAPHS 1 TO 4 .

Artikel 24

ARTICLE 25

1 . Saafremt et foretagende ikke efterkommer de i artikel 17 fastsatte bestemmelser , kan tilsynsmyndigheden i den medlemsstat , paa hvis omraade virksomheden udoeves , forbyde den fri raadighed over de aktiver , der befinder sig i denne medlemsstat , efter at have underrettet tilsynsmyndighederne i den medlemsstat , hvor det vedtaegtmaessige hjemsted er beliggende .

1 . EACH MEMBER STATE SHALL MAKE IT POSSIBLE FOR AN AUTHORIZED UNDERTAKING TO ASSIGN ALL OR PART OF ITS PORTFOLIO OF POLICIES IF THE ASSIGNEES POSSESS THE NECESSARY SOLVENCY MARGIN , DUE ACCOUNT BEING TAKEN OF THE ASSIGNMENT .

2 . Med henblik paa genoprettelse af den finansielle situation i et foretagende , hvis solvensmargen ikke laengere udgoer det i artikel 19 foreskrevne minimum , kraever tilsynsmyndigheden i den medlemsstat , hvor det vedtaegtsmaessige hjemsted er beliggende , en genoprettelsesplan , der skal forelaegges den til godkendelse .

THE SUPERVISORY AUTHORITIES CONCERNED SHALL CONSULT EACH OTHER BEFORE APPROVING SUCH ASSIGNMENT .

3 . Saafremt solvensmargenen ikke laengere svarer til den i artikel 20 fastsatte garantifond , eller saafremt den ikke laengere er sammensat i overensstemmelse med ovennaevnte artikel , kraever tilsynsmyndigheden i den medlemsstat , hvor det vedtaegtsmaessige hjemsted er beliggende , en kortfristet finansieringsplan , der skal forelaegges den til godkendelse af det paagaeldende foretagende .

2 . ONCE APPROVED BY THE COMPETENT NATIONAL AUTHORITY , SUCH ASSIGNMENT SHALL AFFECT DIRECTLY THE POLICY-HOLDERS CONCERNED .

Den kan endvidere begraense eller forbyde den fri raadighed over foretagendets aktiver . Den underretter myndighederne i de medlemsstater , paa hvis omraade dette foretagende ligeledes er godkendt , herom , og disse traeffer paa dens anmodning de samme foranstaltninger .

SECTION C

4 . I de i stk . 1 og 3 omhandlede tilfaelde kan de kompetente tilsynsmyndigheder desuden traeffe alle egnede foranstaltninger til beskyttelse af de forsikredes interesser .

WITHDRAWAL OF AUTHORIZATION

5 . Tilsynsmyndighederne i de medlemsstater , paa hvis omraade det paagaeldende foretagende ligeledes er godkendt , samarbejder om gennemfoerelsen af de i stk . 1 - 4 naevnte foranstaltninger .

ARTICLE 26

Artikel 25

1 . THE AUTHORIZATION GRANTED BY THE COMPETENT AUTHORITY OF THE MEMBER STATE IN WHOSE TERRITORY THE HEAD OFFICE IS SITUATED MAY BE WITHDRAWN BY SUCH AUTHORITY IF THE UNDERTAKING :

1 . Hver medlemsstat tillader , at de godkendte foretagender overdrager hele deres forsikringsbestand eller en del af denne , saafremt det overtagende foretagende under hensyntagen til overfoerslen er i besiddelse af den noedvendige solvensmargen .

( A ) NO LONGER FULFILS THE CONDITIONS OF ADMISSION ;

De paagaeldende tilsynsmyndigheder raadfoerer sig indbyrdes , foer en saadan overdragelse tillades .

( B ) HAS BEEN UNABLE , WITHIN THE TIME ALLOWED , TO TAKE THE MEASURES CONTAINED IN THE RESTORATION PLAN OR FINANCE SCHEME REFERRED TO IN ARTICLE 24 ;

2 . Naar tilladelse er givet af den kompetente nationale myndighed , er denne overdragelse uden videre bindende for de beroerte forsikringstagere .

( C ) FAILS SERIOUSLY IN ITS OBLIGATIONS UNDER THE NATIONAL REGULATIONS .

Afdeling C

IN THE EVENT OF THE WITHDRAWAL OF THE AUTHORIZATION , THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE SHALL NOTIFY SUCH WITHDRAWAL TO THE SUPERVISORY AUTHORITIES OF OTHER MEMBER STATES WHICH HAVE AUTHORIZED THE UNDERTAKING ; THEY SHALL , THEREUPON , ALSO WITHDRAW THEIR AUTHORIZATION . THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE SHALL , IN CONJUNCTION WITH SUCH OTHER AUTHORITIES , TAKE ALL NECESSARY MEASURES TO SAFEGUARD POLICY-HOLDERS' INTERESTS AND , IN PARTICULAR , SHALL RESTRICT THE FREE DISPOSAL OF THE ASSETS OF THE UNDERTAKING IF SUCH RESTRICTION HAS NOT BEEN ALREADY IMPOSED IN ACCORDANCE WITH THE PROVISIONS OF THE SECOND SUBPARAGRAPH OF ARTICLE 24 ( 1 ) AND ( 3 ) .

Tilbagekaldelse af en tilladelse

2 . AN AUTHORIZATION GRANTED TO AN AGENCY OR BRANCH OF AN UNDERTAKING WHOSE HEAD OFFICE IS SITUATED IN ANOTHER MEMBER STATE MAY BE WITHDRAWN IF THE AGENCY OR BRANCH :

Artikel 26

( A ) NO LONGER FULFILS THE CONDITIONS FOR ADMISSION ;

1 . Den tilladelse , der er givet af den kompetente myndighed i den medlemsstat , paa hvis omraade det vedtaegtsmaessige hjemsted er beliggende , kan tilbagekaldes af denne myndighed , naar foretagendet :

( B ) FAILS SERIOUSLY IN ITS OBLIGATIONS UNDER THE REGULATIONS OF THE MEMBER STATE WHERE IT CARRIES ON ITS ACTIVITY , WITH RESPECT IN PARTICULAR TO THE ESTABLISHMENT OF RESERVES REFERRED TO IN ARTICLE 17 .

a ) ikke laengere opfylder adgangsbetingelserne ;

BEFORE WITHDRAWING AUTHORIZATION THE SUPERVISORY AUTHORITIES OF THE MEMBER STATE WHERE THE ACTIVITY IS CARRIED ON SHALL CONSULT THE SUPERVISORY AUTHORITY OF THE MEMBER STATE WHERE THE HEAD OFFICE IS SITUATED . IF THEY DEEM IT NECESSARY TO SUSPEND THE BUSINESS OF SUCH AGENCY OR BRANCH BEFORE CONSULTATION IS CONCLUDED , THEY SHALL IMMEDIATELY ADVISE THE SUPERVISORY AUTHORITY OF THE COUNTRY WHERE THE HEAD OFFICE IS SITUATED .

b ) ikke inden for de indroemmede frister har kunnet gennemfoere de foranstaltninger , der er fastsat i genoprettelsesplanen eller finansieringsplanen , som omhandlet i artikel 24 ;

3 . ANY DECISION TO WITHDRAW AUTHORIZATION OR SUSPEND BUSINESS SHALL BE SUPPORTED BY PRECISE REASONS AND NOTIFIED TO THE UNDERTAKING IN QUESTION .

c ) groft tilsidesaetter de forpligtelser , der paahviler det i medfoer af nationale bestemmelser .

EACH MEMBER STATE SHALL MAKE PROVISION FOR A RIGHT TO APPLY TO THE COURTS AGAINST SUCH A DECISION .

I tilfaelde af tilbagekaldelse af tilladelsen underretter tilsynsmyndigheden i den medlemsstat , hvor det vedtaegtsmaessige hjemsted er beliggende , tilsynsmyndighederne i de oevrige medlemsstater , der har godkendt foretagendet , herom ; disse skal ligeledes foranstalte tilbagekaldelse af deres tilladelse . Foerstnaevnte tilsynsmyndighed traeffer sammen med disse sidstnaevnte tilsynsmyndigheder alle egnede foranstaltninger til beskyttelse af de forsikredes interesser og begraenser navnlig den fri raadighed over foretagendets aktiver , saafremt en saadan begraensning ikke allerede er paalagt i medfoer af artikel 24 , stk . 1 , og stk . 3 , andet afsnit .

TITLE III

2 . Den tilladelse , der er givet agenturer eller filialer af foretagender , der har deres vedtaegtsmaessige hjemsted i en anden medlemsstat , kan tilbagekaldes , naar agenturet eller filialen :

RULES APPLICABLE TO AGENCIES OR BRANCHES ESTABLISHED WITHIN THE COMMUNITY AND BELONGING TO UNDERTAKINGS WHOSE HEAD OFFICES ARE OUTSIDE THE COMMUNITY

a ) ikke laengere opfylder adgangsbetingelserne ;

ARTICLE 27

b ) groft tilsidesaetter de forpligtelser , der paahviler dem i medfoer af bestemmelserne i det land , hvor de udoever deres virksomhed navnlig for saa vidt angaar oprettelsen af de i artikel 17 omhandlede reserver .

1 . EACH MEMBER STATE SHALL MAKE ACCESS TO THE ACTIVITIES REFERRED TO IN ARTICLE 1 BY ANY UNDERTAKING WHOSE HEAD OFFICE IS OUTSIDE THE COMMUNITY SUBJECT TO AN OFFICIAL AUTHORIZATION .

Tilsynsmyndighederne i det land , i hvilket virksomheden udoeves , raadfoerer sig med tilsynsmyndigheden paa foretagendets vedtaegtsmaessige hjemsted , foer de foranstalter tilbagekaldelse af tilladelsen . Saafremt de skoenner det paakraevet at afbryde disse agenturers eller filialers virksomhed inden afslutningen af denne raadfoerelse , underretter de omgaaende denne myndighed herom .

2 . A MEMBER STATE MAY GRANT AN AUTHORIZATION IF THE UNDERTAKING FULFILS AT LEAST THE FOLLOWING CONDITIONS :

3 . Enhver beslutning om tilbagekaldelse af en tilladelse eller om afbrydelse af virksomheden skal klart begrundes og meddeles det paagaeldende foretagende .

( A ) IT IS ENTITLED TO UNDERTAKE INSURANCE ACTIVITIES COVERED BY ARTICLE 1 UNDER ITS NATIONAL LAW ;

Hver medlemsstat fastsaetter adgang til domstolsproevelse af en saadan beslutning .

( B ) IT ESTABLISHES AN AGENCY OR BRANCH IN THE TERRITORY OF SUCH MEMBER STATE ;

AFSNIT III

( C ) IT UNDERTAKES TO ESTABLISH AT THE PLACE OF MANAGEMENT OF THE AGENCY OR BRANCH ACCOUNTS SPECIFIC TO THE ACTIVITY WHICH IT CARRIES ON THERE AND TO KEEP THERE ALL THE RECORDS RELATING TO THE BUSINESS TRANSACTED ;

REGLER FOR AGENTURER ELLER FILIALER , DER ER ETABLERET INDEN FOR FAELLESSKABET , OG SOM HOERER UNDER FORETAGENDER MED VEDTAEGTSMAESSIGT HJEMSTED UDEN FOR FAELLESSKABET

( D ) IT DESIGNATES A GENERAL REPRESENTATIVE , TO BE APPROVED BY THE COMPETENT AUTHORITIES ;

Artikel 27

( E ) IT POSSESSES IN THE MEMBER STATE WHERE IT CARRIES ON AN ACTIVITY ASSETS OF AN AMOUNT EQUAL IN VALUE TO AT LEAST ONE HALF OF THE MINIMUM AMOUNT PRESCRIBED IN ARTICLE 20 ( 2 ) ( A ) IN RESPECT OF THE GUARANTEE FUND AND DEPOSITS ONE FOURTH OF THE MINIMUM AMOUNT AS SECURITY ;

1 . Hver medlemsstat goer adgangen til den i artikel 1 omhandlede form for virksomhed paa dens omraade betinget af en administrativ tilladelse for alle foretagender med vedtaegtsmaessigt hejemsted uden for Faellesskabet .

( F ) IT UNDERTAKES TO KEEP A SOLVENCY MARGIN COMPLYING WITH ARTICLE 29 ;

2 . Medlemsstaten kan give denne tilladelse , saafremt foretagendet mindst opfylder foelgende betingelser :

( G ) IT SUBMITS A SCHEME OF OPERATIONS IN ACCORDANCE WITH ARTICLE 11 ( 1 ) AND ( 2 ) .

a ) er befoejet til at udoeve den i artikel 1 omhandlede virksomhed i medfoer af den nationale lovgivning , som det er undergivet ;

ARTICLE 28

b ) opretter et agentur eller en filial paa denne medlemsstats omraade ;

MEMBER STATES SHALL REQUIRE UNDERTAKINGS TO ESTABLISH RESERVES , REFERRED TO IN ARTICLE 17 , ADEQUATE TO COVER THE UNDERWRITING LIABILITIES ASSUMED IN THEIR TERRITORIES . MEMBER STATES SHALL SEE THAT THE AGENCY OR BRANCH COVERS SUCH RESERVES BY MEANS OF ASSETS WHICH ARE EQUIVALENT TO SUCH RESERVES AND , TO THE EXTENT FIXED BY THE MEMBER STATE IN QUESTION , MATCHING ASSETS .

c ) forpligter sig til paa agenturets eller filialens hjemsted at foere saerskilt regnskab for den virksomhed , der udoeves der , samt opbevare alle forretningsdokumenter sammesteds ;

THE LAW OF THE MEMBER STATES SHALL BE APPLICABLE TO THE CALCULATION OF SUCH RESERVES , THE DETERMINATION OF CATEGORIES OF INVESTMENT AND THE VALUATION OF ASSETS , AND , WHERE APPROPRIATE , THE DETERMINATION OF THE EXTENT TO WHICH THESE ASSETS MAY BE USED FOR THE PURPOSE OF COVERING SUCH RESERVES .

d ) udpeger en generalagent , som skal godkendes af den kompetente myndighed ;

THE MEMBER STATE IN QUESTION SHALL REQUIRE THAT THE ASSETS COVERING THESE RESERVES , SHALL BE LOCALIZED IN ITS TERRITORY . ARTICLE 17 ( 3 ) SHALL , HOWEVER , APPLY .

e ) i den medlemsstat , hvor virksomheden udoeves , raader over aktiver af en stoerrelse , der mindst er lig med halvdelen af det i artikel 20 , stk . 2 , litra a ) , foreskrevne minimum for garantifonden og deponerer en fjerdedel af dette minimum som sikkerhed ;

ARTICLE 29

f ) forpligter sig til at vaere i besiddelse af en solvensmargen i overensstemmelse med artikel 29 ;

1 . EACH MEMBER STATE SHALL REQUIRE OF AGENCIES OR BRANCHES SET UP IN ITS TERRITORY A SOLVENCY MARGIN CONSISTING OF THE ITEMS LISTED IN ARTICLE 18 . THE MINIMUM SOLVENCY MARGIN SHALL BE CALCULATED IN ACCORDANCE WITH ARTICLE 19 . HOWEVER , FOR THE PURPOSE OF CALCULATING THIS MARGIN , ACCOUNT SHALL BE TAKEN ONLY OF THE OPERATIONS EFFECTED BY THE AGENCY OR BRANCH CONCERNED .

g ) fremlaegger en driftsplan i henhold til artikel 11 , stk . 1 og 2 .

2 . ONE THIRD OF THE MINIMUM SOLVENCY MARGIN SHALL CONSTITUTE THE GUARANTEE FUND .

Artikel 28

HOWEVER , THE AMOUNT OF THIS FUND MAY NOT BE LESS THAN ONE HALF OF THE MINIMUM REQUIRED UNDER ARTICLE 20 ( 2 ) ( A ) . THE INITIAL DEPOSIT LODGED IN ACCORDANCE WITH ARTICLE 27 ( 2 ) ( E ) SHALL BE COUNTED TOWARDS SUCH GUARANTEE FUND .

Medlemsstaterne paalaegger foretagenderne at oprette de i artikel 17 omhandlede tilstraekkelige reserver , der svarer til de paa deres omraade indgaaede forpligtelser . De soerger for , at agenturet eller filialen daekker disse reserver ved hjaelp af aekvivalente og , i det omfang medlemsstaten kraever det , kongruente aktiver .

THE GUARANTEE FUND AND THE MINIMUM OF SUCH FUND SHALL BE CONSTITUTED IN ACCORDANCE WITH ARTICLE 20 .

Medlemsstaternes lovgivning finder anvendelse ved beregningen af disse reserver , ved fastsaettelsen af de maader , hvorpaa midlerne kan anbringes , ved vurderingen af aktiverne , og i givet fald ved bestemmelsen af , i hvilket omfang det kan tillades , at aktiverne daekker disse reserver .

3 . THE ASSETS REPRESENTING THE MINIMUM SOLVENCY MARGIN MUST BE KEPT WITHIN THE MEMBER STATE WHERE ACTIVITIES ARE CARRIED ON UP TO THE AMOUNT OF THE GUARANTEE FUND AND THE EXCESS WITHIN THE COMMUNITY .

Den paagaeldende medlemsstat kraever , at de aktiver , der daekker disse reserver , er lokaliseret paa dens omraade . Dog finder artikel 17 , stk . 3 , anvendelse .

ARTICLE 30

Artikel 29

1 . ANY UNDERTAKING WHICH HAS REQUESTED OR OBTAINED AUTHORIZATION FROM MORE THAN ONE MEMBER STATE MAY APPLY FOR THE FOLLOWING ADVANTAGES WHICH MAY BE GRANTED ONLY JOINTLY :

1 . Hver medlemsstat paalaegger de agenturer eller filialer , der er oprettet paa dens omraade , at raade over en solvensmargen , der er sammensat som beskrevet i artikel 18 . Margenens minimum beregnes i overensstemmelse med artikel 19 . Ved denne beregning tages kun de af agenturet eller filialen foretagne forretninger i betragtning .

( A ) THE SOLVENCY MARGIN REFERRED TO IN ARTICLE 29 SHALL BE CALCULATED IN RELATION TO THE ENTIRE BUSINESS WHICH IT CARRIES ON WITHIN THE COMMUNITY ; IN SUCH CASE , ACCOUNT SHALL BE TAKEN ONLY OF THE OPERATIONS EFFECTED BY ALL THE AGENCIES OR BRANCHES ESTABLISHED WITHIN THE COMMUNITY FOR THE PURPOSES OF THIS CALCULATION ;

2 . En tredjedel af solvensmargenens minimum udgoer garantifonden .

( B ) THE DEPOSIT REQUIRED UNDER ARTICLE 27 ( 2 ) ( E ) SHALL BE LODGED IN ONLY ONE OF THOSE MEMBER STATES ;

Denne garantifond kan dog ikke vaere mindre end halvdelen af det i artikel 20 , stk . 2 , litra a ) , fastsatte minimum . Initialdepotet , som er stillet i overensstemmelse med artikel 27 , stk . 2 , litra e ) , er medregnet heri .

( C ) THE ASSETS REPRESENTING THE GUARANTEE FUND SHALL BE LOCALIZED IN ANY ONE OF THE MEMBER STATES IN WHICH IT CARRIES ON ITS ACTIVITIES .

Garantifonden og denne fonds minimum sammensaettes i overensstemmelse med artikel 20 .

2 . APPLICATION TO BENEFIT FROM THE ADVANTAGES PROVIDED FOR IN PARAGRPH 1 SHALL BE MADE TO THE COMPETENT AUTHORITIES OF THE MEMBER STATES CONCERNED . THE APPLICATION MUST STATE THE AUTHORITY OF THE MEMBER STATE WHICH IN FUTURE IS TO SUPERVISE THE SOLVENCY OF THE ENTIRE BUSINESS OF THE AGENCIES OR BRANCHES ESTABLISHED WITHIN THE COMMUNITY . REASONS MUST BE GIVEN FOR THE CHOICE OF AUTHORITY MADE BY THE UNDERTAKING . THE DEPOSIT SHALL BE LODGED WITH THAT MEMBER STATE .

3 . De aktiver , der daekker solvensmargenens minimum , skal op til et beloeb paa stoerrelse med garantifonden vaere lokaliseret i den medlemsstat , hvor virksomheden udoeves , og for saa vidt angaar det resterende beloeb , inden for Faellesskabet .

3 . THE ADVANTAGES PROVIDED FOR IN PARAGRAPH 1 MAY ONLY BE GRANTED IF THE COMPETENT AUTHORITIES OF ALL MEMBER STATES IN WHICH AN APPLICATION HAS BEEN MADE AGREE TO THEM . THEY SHALL TAKE EFFECT FROM THE TIME WHEN THE SELECTED SUPERVISORY AUTHORITY INFORMS THE OTHER SUPERVISORY AUTHORITIES THAT IT WILL SUPERVISE THE STATE OF SOLVENCY OF THE ENTIRE BUSINESS OF THE AGENCIES OR BRANCHES WITHIN THE COMMUNITY .

Artikel 30

THE SUPERVISORY AUTHORITY SELECTED SHALL OBTAIN FROM THE OTHER MEMBER STATES THE INFORMATION NECESSARY FOR THE SUPERVISION OF THE OVERALL SOLVENCY OF THE AGENCIES AND BRANCHES ESTABLISHED IN THEIR TERRITORY .

1 . Foretagender , der har anmodet om eller opnaaet tilladelse fra flere medlemsstater , kan anmode om foelgende fordele , som kun kan ydes samlet :

4 . AT THE REQUEST OF ONE OR MORE OF THE MEMBER STATES CONCERNED , THE ADVANTAGES GRANTED UNDER THIS ARTICLE SHALL BE WITHDRAWN SIMULTANEOUSLY BY ALL MEMBER STATES CONCERNED .

a ) den i artikel 29 omhandlede solvensmargen beregnes paa grundlag af den samlede virksomhed , som de udoever inden for Faellesskabet ; i saa fald tages kun den virksomhed , som udoeves af samtlige agenturer eller filialer , der er etableret inden for Faellesskabet , i betragtning ved denne beregning ;

ARTICLE 31

d ) den i artikel 27 , stk . 2 , litra e ) , omhandlede sikkerhed skal kun stilles i én af disse stater ;

1 . ( A ) SUBJECT TO POINT ( B ) , AGENCIES AND BRANCHES REFERRED TO IN THIS TITLE MAY NOT SIMULTANEOUSLY CARRY ON IN A MEMBER STATE THE ACTIVITIES REFERRED TO IN THE ANNEX TO THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) AND THOSE COVERED BY THIS DIRECTIVE .

c ) de aktiver , der daekker garantifonden , kan lokaliseres i hvilken som helst af de medlemsstater , hvor de udoever deres virksomhed .

( B ) SUBJECT TO POINT ( C ) , MEMBER STATES MAY PROVIDE THAT AGENCIES AND BRANCHES REFERRED TO IN THIS TITLE WHICH AT THE TIME OF NOTIFICATION OF THIS DIRECTIVE CARRY ON BOTH ACTIVITIES SIMULTANEOUSLY IN A MEMBER STATE MAY CONTINUE TO DO SO THERE PROVIDED THAT EACH ACTIVITY IS SEPARATELY MANAGED IN ACCORDANCE WITH ARTICLE 14 .

Anmodning om opnaaelse af de i stk . 1 naevnte fordele fremsendes til de kompetente myndigheder i de paagaeldende medlemsstater . I anmodningen opgives den myndighed , der fremtidig skal foere tilsyn med de i Faellesskabet etablerede filialers eller agenturers solvens for saa vidt angaar deres samlede virksomhed . Foretagendets valg af myndighed skal begrundes . Sikkerhedsstillelsen skal deponeres i den paagaeldende medlemsstat .

( C ) ANY MEMBER STATE WHICH UNDER ARTICLE 13 ( 6 ) ( A ) AND ( B ) REQUIRES UNDERTAKINGS ESTABLISHED IN ITS TERRITORY TO CEASE THE SIMULTANEOUS PURSUIT OF THE ACTIVITIES IN WHICH THEY ARE ENGAGED AT THE TIME OF NOTIFICATION OF THIS DIRECTIVE MUST ALSO IMPOSE THIS REQUIREMENT ON AGENCIES AND BRANCHES REFERRED TO IN THIS TITLE WHICH ARE ESTABLISHED IN ITS TERRITORY AND SIMULTANEOUSLY CARRY ON BOTH ACTIVITIES THERE .

3 . De i stk . 1 naevnte fordele maa kun ydes , saafremt de kompetente myndigheder i alle de medlemsstater , som anmodningen er fremsendt til , samtykker . De faar virkning fra det tidspunkt , paa hvilket den valgte tilsynsmyndighed over for de oevrige tilsynsmyndigheder har erklaeret sig rede til at varetage tilsynet med de i Faellesskabet établerede filialers eller agenturers solvens for saa vidt angaar deres samlede virksomhed .

( D ) MEMBER STATES MAY PROVIDE THAT AGENCIES AND BRANCHES REFERRED TO IN THIS TITLE WHOSE HEAD OFFICE SIMULTANEOUSLY CARRIES ON BOTH ACTIVITIES AND WHICH AT THE TIME OF NOTIFICATION OF THIS DIRECTIVE CARRY ON IN THE TERRITORY OF A MEMBER STATE SOLELY THE ACTIVITY COVERED BY THIS DIRECTIVE MAY CONTINUE THEIR ACTIVITY THERE . IF THE UNDERTAKING WISHES TO CARRY ON THE ACTIVITY REFERRED TO IN THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) IN THAT TERRITORY IT MAY ONLY CARRY ON THE ACTIVITY COVERED BY THIS DIRECTIVE THROUGH A SUBSIDIARY .

Den valgte tilsynsmyndighed modtager fra de oevrige medlemsstater de oplysninger , der er noedvendige for at foere tilsyn med den samlede solvens for agenturer og filialer , der er etableret paa deres omraade .

2 . ARTICLES 23 AND 24 SHALL APPLY MUTATIS MUTANDIS TO AGENCIES AND BRANCHES REFERRED TO IN THIS TITLE .

4 . Tilladelsen til at anvende de i medfoer af denne artikel ydede fordele tilbagekaldes af samtlige beroerte medlemsstater samtidig paa foranledning af en eller flere af de beroerte medlemsstater .

FOR THE PURPOSES OF APPLYING ARTICLE 24 , THE SUPERVISORY AUTHORITY WHICH SUPERVISES THE OVERALL SOLVENCY OF AGENCIES OR BRANCHES SHALL BE TREATED IN THE SAME WAY AS THE SUPERVISORY AUTHORITY OF THE HEAD-OFFICE MEMBER STATE .

Artikel 31

3 . IN THE CASE OF A WITHDRAWAL OF AUTHORIZATION BY THE AUTHORITY REFERRED TO IN ARTICLE 30 ( 2 ) , THIS AUTHORITY SHALL NOTIFY THE SUPERVISORY AUTHORITIES OF THE OTHER MEMBER STATES WHERE THE UNDERTAKING OPERATES AND THE LATTER AUTHORITIES SHALL TAKE THE APPROPRIATE MEASURES . IF THE REASON FOR THE WITHDRAWAL OF AUTHORIZATION IS THE INADEQUACY OF THE SOLVENCY MARGIN CALCULATED IN ACCORDANCE WITH ARTICLE 30 ( 1 ) ( A ) , THE SUPERVISORY AUTHORITIES OF THE OTHER MEMBER STATES CONCERNED SHALL ALSO WITHDRAW THEIR AUTHORIZATIONS .

1 . a ) Med forbehold af litra b ) kan de i dette afsnit III omhandlede agenturer og filialer ikke paa en medlemsstats omraade samtidig drive virksomhed som omhandlet i bilaget til det foerste samordningsdirektiv vedroerende skadesforsikring og virksomhed omfattet af dette direktiv .

ARTICLE 32

b ) Med forbehold af litra c ) kan medlemsstaterne fastsaette , at de i dette afsnit III omhandlede agenturer og filialer , som ved meddelelsen af dette direktiv samtidig udoever de to former for virksomhed paa en medlemsstats omraade , kan fortsaette deres virksomhed dér paa betingelse af , at der i overensstemmelse med artikel 14 oprettes saerskilt forvaltning for hver af disse former for virksomhed .

THE COMMUNITY MAY , BY MEANS OF AGREEMENTS CONCLUDED PURSUANT TO THE TREATY WITH ONE OR MORE THIRD COUNTRIES , AGREE TO THE APPLICATION OF PROVISIONS DIFFERENT FROM THOSE PROVIDED FOR IN THIS TITLE , FOR THE PURPOSE ENSURING , UNDER CONDITIONS OF RECIPROCITY , ADEQUATE PROTECTION FOR POLICY-HOLDERS IN THE MEMBER STATES .

c ) Enhver medlemsstat , som i medfoer af artikel 13 , stk . 6 , litra a ) eller b ) , har kraevet af de foretagender , der er etableret paa dens omraade , at de ophoerer med samtidig at udoeve de former for virksomhed , som de udoevede ved meddelelsen af dette direktiv , skal kraeve , at denne afgoerelse ligeledes finder anvendelse paa de i dette afsnit III omhandlede agenturer og filialer , som er etableret paa dens omraade , og som dér udoever begge former for virksomhed samtidig .

TITLE IV

d ) Medlemsstaterne kan fastsaette , at de i dette afsnit III omhandlede agenturer og filialer , hvis hovedsaede samtidigt udoever begge former for virksomhed , og som ved meddelelsen af dette direktiv paa en medlemsstats omraade udelukkende udoever de af dette direktiv omfattede former for virksomhed , kan fortsaette deres virksomhed dér . Naar foretagendet oensker at udoeve de i foerste samordningsdirektiv vedroerende skadesforsikring omhandlede former for virksomhed paa dette omraade , kan det kun udoeve de i dette direktiv omhandlede former for virksomhed gennem et datterselskab .

TRANSITIONAL AND OTHER PROVISIONS

2 . Artikel 23 og 24 finder tilsvarende anvendelse paa de i dette afsnit III omhandlede agenturer og filialer .

ARTICLE 33

Ved anvendelsen af artikel 24 ligestilles den tilsynsmyndighed , der gennemfoerer efterproevningen af disse agenturers eller filialers samlede solvens , med myndigheden i den medlemsstat , hvor det vedtaegstmaessige hjemsted er beliggende .

1 . MEMBER STATES SHALL ALLOW UNDERTAKINGS REFERRED TO IN TITLE II WHICH AT THE ENTRY INTO FORCE OF THE IMPLEMENTING MEASURES TO THIS DIRECTIVE PROVIDE INSURANCE IN THEIR TERRITORIES IN ONE OR MORE OF THE CLASSES REFERRED TO IN THE ANNEX , A PERIOD OF FIVE YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE IN ORDER TO COMPLY WITH ARTICLES 18 , 19 AND 20 .

3 . Saafremt den i artikel 30 , stk . 2 , naevnte myndighed tilbagekalder tilladelsen , underretter den tilsynsmyndighederne i de oevrige medlemsstater , hvor foretagendet udoever sin virsomhed , herom , og disse traeffer hensigtsmaessige foranstaltninger . Saafremt beslutningen om tilbagekaldelse begrundes med utilstraekkelig solvensmargen , beregnet i overensstemmelse med artikel 30 , stk . 1 , litra a ) , tilbagekalder tilsynsmyndighederne i de oevrige beroerte medlemsstater ligeledes deres tilladelse .

2 . FURTHERMORE , MEMBER STATES MAY :

Artikel 32

( A ) ALLOW ANY UNDERTAKINGS REFERRED TO IN PARAGRAPH 1 , WHICH UPON THE EXPIRY OF THE FIVE-YEAR PERIOD HAVE NOT FULLY ESTABLISHED THE SOLVENCY MARGIN , A FURTHER PERIOD NOT EXCEEDING TWO YEARS IN WHICH TO DO SO PROVIDED THAT SUCH UNDERTAKINGS HAVE , IN ACCORDANCE WITH ARTICLE 24 , SUBMITTED FOR THE APPROVAL OF THE SUPERVISORY AUTHORITY THE MEASURES WHICH THEY PROPOSE TO TAKE FOR SUCH PURPOSE ;

Faellesskabet kan i de aftaler , det i overensstemmelse med traktaten indgaar med et eller flere tredjelande , vedtage anvendelse af bestemmelser , der afviger fra de i dette afsnit III fastsatte , for paa betingelse af gensidighed at garantere en tilstraekkelig beskyttelse af de forsikrede i medlemsstaterne .

( B ) EXCEPT FOR THE MUTUAL ASSOCIATIONS REFERRED TO IN THE SECOND SENTENCE OF THE SECOND INDENT OF ARTICLE 3 ( 2 ) , EXEMPT UNDERTAKINGS REFERRED TO IN PARAGRAPH 1 OF THIS ARTICLE , FOR WHICH UPON THE EXPIRY OF THE FIVE-YEAR PERIOD THE SOLVENCY MARGIN TO BE ESTABLISHED PURSUANT TO ARTICLE 19 WITHOUT DEDUCTION FOR RE-INSURANCE DOES NOT REACH THE MINIMUM OF THE GUARANTEE FUND REFERRED TO IN ARTICLE 20 ( 2 ) ( A ) AND ( B ) , FROM THE REQUIREMENT TO ESTABLISH THIS FUND BEFORE THE END OF THE FINANCIAL YEAR IN RESPECT OF WHICH THE SOLVENCY MARGIN REFERRED TO REACHES THIS MINIMUM AMOUNT .

AFSNIT IV

THE MAXIMUM PERIOD THUS GRANTED TO THESE UNDERTAKINGS TO ESTABLISH THIS MINIMUM AMOUNT SHALL IN NO CASE EXCEED 10 YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE .

OVERGANGSBESTEMMELSER OG ANDRE BESTEMMELSER

3 . UNDERTAKINGS DESIRING TO EXTEND THEIR BUSINESS WITHIN THE MEANING OF ARTICLE 8 ( 2 ) OR 10 MAY NOT DO SO UNLESS THEY COMPLY IMMEDIATELY WITH THE RULES OF THIS DIRECTIVE .

Artikel 33

4 . UNDERTAKINGS HAVING A STRUCTURE DIFFERENT FROM ANY OF THOSE LISTED IN ARTICLE 8 MAY CONTINUE , FOR A PERIOD OF THREE YEARS FROM THE NOTIFICATION OF THIS DIRECTIVE , TO CARRY ON THEIR PRESENT BUSINESS IN THE LEGAL FORM IN WHICH THEY ARE CONSTITUTED AT THE TIME OF SUCH NOTIFICATION . UNDERTAKINGS SET UP IN THE UNITED KINGDOM BY ROYAL CHARTER OR BY PRIVATE ACT OR BY SPECIAL PUBLIC ACT MAY CARRY ON THEIR ACTIVITY IN THEIR PRESENT FORM FOR AN UNLIMITED PERIOD .

1 . Medlemsstaterne indroemmer de i afsnit II omhandlede foretagender , som paa det tidspunkt , hvor foranstaltningerne til gennemfoerelse af dette direktiv traeder i kraft , paa deres omraade udoever virksomhed , som omfatter en eller flere af de i bilaget omhandlede forsikringsklasser , en frist paa fem aar fra meddelelsen af dette direktiv til at efterkomme artiklerne 18 , 19 og 20 .

THE MEMBER STATES IN QUESTION SHALL DRAW UP A LIST OF SUCH UNDERTAKINGS AND COMMUNICATE IT TO THE OTHER MEMBER STATES AND THE COMMISSION .

2 . Desuden kan medlemsstaterne :

5 . UNDERTAKINGS WHICH , IN ACCORDANCE WITH THEIR OBJECTS , CARRY ON THE ACTIVITIES OF LIFE ASSURANCE AND SAVINGS OPERATIONS MAY CONTINUE TO CARRY ON SUCH ACTIVITIES , WITH THE EXCEPTION OF SAVINGS OPERATIONS , WHICH MUST CEASE WITHIN THREE YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE . AS AN EXCEPTION , THE " CAISSE GENERALE D'EPARGNE ET DE RETRAITE ( CGER ) " / " ALGEMENE SPOOR - EN LIFRENTEKAS ( ASLK ) " IN BELGIUM , THE SOCIETIES REGISTERED UNDER THE FRIENDLY SOCIETIES ACTS IN THE UNITED KINGDOM AND THE " BANCA NAZIONALE DELLE COMMUNICAZIONI " IN ITALY MAY CONTINUE THE ACTIVITIES THEY WERE CARRYING ON WHEN THE DIRECTIVE WAS NOTIFIED .

a ) indroemme de i stk . 1 omhandlede foretagender , som ved udloebet af fristen paa fem aar endnu ikke har tilvejebragt solvensmargenen fuldt ud , en yderligere frist paa hoejst to aar , paa betingelse af , at disse foretagender i overensstemmelse med artikel 24 har forelagt tilsynsmyndighederne de foranstaltninger , som de har til hensigt at traeffe for at tilvejebringe denne margen , til godkendelse ;

6 . UNDERTAKINGS WHICH CARRY ON SIMULTANEOUSLY BOTH ACTIVITIES IN ACCORDANCE WITH THE TERMS OF ARTICLE 13 SHALL HAVE A PERIOD OF FIVE YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE TO COMPLY WITH THE PROVISIONS OF ARTICLE 14 .

b ) med undtagelse af de i artikel 3 , nr . 2 , andet led , andet punktum , omhandlede gensidige forsikringsselskaber , fritage de i stk . 1 i denne artikel omhandlede foretagender , hvis solvensmargener , som skal oprettes i henhold til artikel 19 , ved udloebet af den femaarige frist uden fradrag for genforsikring ikke naar op paa den i artikel 20 , stk . 2 , litra a ) og b ) , naevnte minimumsgarantifond , for forpligtelsen til at oprette fonden foer udgangen af det regnskabsaar , i hvilket ovennaevnte beloeb naar op paa dette minimum . Den laengste frist , der saaledes indroemmes disse foretagender for oprettelsen af minimumsgarantifonden , kan under ingen omstaendigheder overstige ti aar fra meddelelsen af dette direktiv .

7 . AT THE REQUEST OF UNDERTAKINGS WHICH COMPLY WITH THE REQUIREMENTS OF ARTICLES 17 TO 20 , MEMBER STATES SHALL CEASE TO APPLY ANY RESTRICTIVE MEASURES SUCH AS THOSE RELATING TO MORTGAGES , DEPOSITS OR SECURITIES ESTABLISHED UNDER THEIR PRESENT REGULATIONS .

3 . Foretagender , der oensker at udvide deres virksomhed i henhold til artikel 8 , stk . 2 , eller artikel 10 , kan kun goere dette , saafremt de omgaaende efterkommer reglerne i dette direktiv .

ARTICLE 34

4 . Foretagender , der har en anden form end de i artikel 8 anfoerte , kan endnu i tre aar efter meddelelsen af dette direktiv fortsaette udoevelsen af deres nuvaerende virksomhed under den juridiske form , de havde ved meddelelsen af dette direktiv . Foretagender , der er oprettet i Det forenede Kongerige " by Royal Charter " eller " by private Act " eller " by special public Act " , kan fortsaette deres virksomhed i deres nuvaerende form uden tidsbegraensning .

MEMBER STATES SHALL ALLOW AGENCIES OR BRANCHES REFERRED TO IN TITLE III WHICH , AT THE ENTRY INTO FORCE OF THE IMPLEMENTING MEASURES TO THIS DIRECTIVE , ARE CARRYING ON ONE OR MORE CLASSES REFERRED TO IN ANNEX I AND WHICH DO NOT EXTEND THEIR BUSINESS WITHIN THE MEANING OF ARTICLE 10 ( 2 ) , A MAXIMUM PERIOD OF FIVE YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE IN ORDER TO COMPLY WITH THE CONDITIONS IN ARTICLE 29 .

De paagaeldende medlemsstater opstiller en liste over disse foretagender og meddeler den til de oevrige medlemsstater og til Kommissionen .

ARTICLE 35

5 . Foretagender , der i overensstemmelse med deres formaal driver livsforsikringsvirksomhed og virker som sparekasse , kan fortsaette disse former for virksomhed bortset fra sparekassevirksomhed , som skal ophoere inden tre aar efter meddelelsen af dette direktiv . Som en undtagelse herfra kan " Caisse générale d'épargne et de retratite ( CGER ) " / " Algemene Spaar - en Lijfrentekas ( ASLK ) " i Belgien , selskaber , der er " registered under the Friendly Societies Acts " i Det forende Kongerige , samt " Banca nazionale delle communicazioni " i Italien fortsaette den form for virksomhed , som de udoevede paa tidspunktet for dette direktivs meddelelse .

WHERE SUBSIDIARIES ARE SET UP IN ACCORDANCE WITH ARTICLE 13 ( 5 ) , HALF THE MINIMUM OF THE GUARANTEE FUND MAY TAKE THE FORM OF AN IRREVOCABLE FINANCIAL GUARANTEE FROM THE PARENT COMPANY , SUBJECT TO THE FOLLOWING REQUIREMENTS :

6 . Foretagender , der samtidig udoever begge virksomhedsformer paa de betingelser , der er fastsat i artikel 13 , har en frist paa fem aar fra meddelelsen af dette direktiv til at efterkomme artikel 14 .

( A ) AT LEAST 95 % OF THE SUBSIDIARY'S SHARE CAPITAL MUST BE HELD BY THE PARENT COMPANY ;

7 . Efter anmodning fra de foretagender , der opfylder forpligtelserne i artiklerne 17 - 20 , ophaever medlemsstaterne de restriktive foranstaltninger saasom pantehaeftelser , deponering eller sikkerhedsstillelse , der er gennemfoert i medfoer af deres nugaeldende bestemmelser .

( B ) UNPAID-UP SHARE CAPITAL MAY NOT BE USED TO CONSTITUTE THAT HALF OF THE MINIMUM OF THE GUARANTEE FUND WHICH IS NOT COVERED BY THE IRREVOCABLE FINANCIAL GUARANTEE ; AND

Artikel 34

( C ) THE FINANCIAL REQUIREMENTS OF BOTH THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) AND THIS DIRECTIVE MUST BE MET BY THE PARENT COMPANY , THE FUNDS CORRESPONDING TO THE AMOUNT OF THE GUARANTEE NOT BEING CONSIDERED AS PART OF ITS FREE ASSETS .

Medlemsstaterne indroemmer de i afsnit III omhandlede agenturer eller filialer , som paa det tidspunkt , hvor foranstaltningerne til gennemfoerelse af dette direktiv traeder i kraft , udoever virksomhed , som omfatter en eller flere af de i bilaget omhandlede forsikringsklasser , og som ikke udvider deres virksomhed i henhold til artikel 10 , stk . 2 , en frist paa hoejst fem aar fra meddelelsen af dette direktiv til at efterkomme artikel 29 .

SUBSIDIARIES MAY BENEFIT FROM THIS ARRANGEMENT FOR A PERIOD OF SEVEN YEARS AS FROM THE DATE WHEN IT IS GRANTED . DURING THIS PERIOD , AND FROM THE THIRD YEAR ONWARDS AT THE LATEST , SUBSIDIARIES MUST PROGRESSIVELY REPLACE THE PARENT COMPANY'S GUARANTEE BY FREE ASSETS ; SUBSIDIARIES SHALL SUBMIT A PLAN TO THIS EFFECT TO THE COMPETENT SUPERVISORY AUTHORITY FOR ITS AGREEMENT TOGETHER WITH THEIR REQUEST FOR AUTHORIZATION .

Artikel 35

ARTICLE 36

Naar et datterselskab oprettes i henhold til artikel 13 , stk . 5 , kan minimumsgarantifonden med op til halvdelen udgoeres af en uigenkaldelig finansiel garanti , som moderselskabet yder paa foelgende vilkaar :

DURING A PERIOD WHICH TERMINATES AT THE TIME OF THE ENTRY INTO FORCE OF AN AGREEMENT CONCLUDED WITH A THIRD COUNTRY PURSUANT TO ARTICLE 32 , AND AT THE LATEST UPON THE EXPIRY OF A PERIOD OF FOUR YEARS AFTER THE NOTIFICATION OF THIS DIRECTIVE , EACH MEMBER STATE MAY RETAIN FOR UNDERTAKINGS OF THAT COUNTRY ESTABLISHED IN ITS TERRITORY THE RULES APPLIED TO THEM ON 1 JANUARY 1979 IN RESPECT OF MATCHING ASSETS AND THE LOCALIZATION OF TECHNICAL RESERVES , INCLUDING MATHEMATICAL RESERVES , PROVIDED THAT NOTIFICATION IS GIVEN TO THE OTHER MEMBER STATES AND THE COMMISSION AND THAT THE LIMITS OF RELAXATIONS GRANTED PURSUANT TO ARTICLE 17 ( 2 ) IN FAVOUR OF THE UNDERTAKINGS OF MEMBER STATES ESTABLISHED IN ITS TERRITORY ARE NOT EXCEEDED .

a ) mindst 95 % af datterselskabets aktiekapital skal tilhoere moderselskabet ,

ARTICLE 37

b ) den ikke-indbetalte del af aktiekapitalen maa ikke anvendes til at udgoere den halvdel af minimumsgarantifonden , som ikke daekkes af den uigenkaldelige finansielle garanti , og

1 . WHERE A MEMBER STATE REQUIRES OF ITS OWN NATIONALS PROOF OF GOOD REPUTE AND PROOF OF NO PREVIOUS BANKRUPTCY , OR PROOF OF EITHER OF THESE , THAT STATE SHALL ACCEPT AS SUFFICIENT EVIDENCE IN RESPECT OF NATIONALS OF OTHER MEMBER STATES THE PRODUCTION OF AN EXTRACT FROM THE " JUDICIAL RECORD " OR , FAILING THIS , OF AN EQUIVALENT DOCUMENT ISSUED BY A COMPETENT JUDICIAL OR ADMINISTRATIVE AUTHORITY IN THE MEMBER STATE OF ORIGIN OR THE MEMBER STATE WHENCE THE FOREIGN NATIONAL COMES SHOWING THAT THESE REQUIREMENTS HAVE BEEN MET .

c ) moderselskabet skal opfylde de oekonomiske betingelser i saavel foerste samordningsdirektiv vedroerende skadesforsikring som i dette direktiv , hvorved midler svarende til den ydede garantis stoerrelse ikke maa medregnes i moderselskabets frie formue .

2 . WHERE THE MEMBER STATE OF ORIGIN OR THE MEMBER STATE WHENCE THE FOREIGN NATIONAL CONCERNED COMES DOES NOT ISSUE THE DOCUMENT REFERRED TO IN PARAGRAPH 1 , IT MAY BE REPLACED BY A DECLARATION ON OATH - OR IN STATES WHERE THERE IS NO PROVISION FOR DECLARATION ON OATH BY A SOLEMN DECLARATION - MADE BY THE PERSON CONCERNED BEFORE A COMPETENT JUDICIAL OR ADMINISTRATIVE AUTHORITY OR , WHERE APPROPRIATE , A NOTARY IN THE MEMBER STATE OF ORIGIN OR THE MEMBER STATE WHENCE THAT PERSON COMES ; SUCH AUTHORITY OR NOTARY SHALL ISSUE A CERTIFICATE ATTESTING THE AUTHENTICITY OF THE DECLARATION ON OATH OR SOLEMN DECLARATION . THE DECLARATION IN RESPECT OF NO PREVIOUS BANKRUPTCY MAY ALSO BE MADE BEFORE A COMPETENT PROFESSIONAL OR TRADE BODY IN THE SAID COUNTRY .

Der kan nydes godt af denne ordning i en periode paa syv aar fra dens tilstaaelse . Datterselskabet skal i loebet af denne periode og senest fra det tredje aar gradvis erstatte moderselskabets garanti med fri formue . Datterselskabet forelaegger en plan herom for den kompetente tilsynsmyndighed med henblik paa dennes samtykke , samtidig med at det soeger om godkendelse .

3 . DOCUMENTS ISSUED IN ACCORDANCE WITH PARAGRAPHS 1 AND 2 MUST NOT BE PRODUCED MORE THAN THREE MONTHS AFTER THEIR DATE OF ISSUE .

Artikel 36

4 . MEMBER STATES SHALL , WITHIN THE TIME LIMIT OF 18 MONTHS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE , DESIGNATE THE AUTHORITIES AND BODIES COMPETENT TO ISSUE THE DOCUMENTS REFERRED TO IN PARAGRAPHS 1 AND 2 SHALL FORTHWITH INFORM THE OTHER MEMBER STATES AND THE COMMISSION THEREOF .

I en periode , der udloeber ved ivaerksaettelsen af en aftale , som i overensstemmelse med artikel 32 er indgaaet med et tredjeland , og senest ved udloebet af en frist paa fire aar efter meddelelsen af dette direktiv , kan hver medlemsstat til fordel for dette lands foretagender , der er etableret paa dets omraade , opretholde den ordning , som fandt anvendelse paa dem den 1 . januar 1979 , hvad angaar kongruens og lokalisering af de tekniske reserver , herunder praemiereserven , paa betingelse af , at de oevrige medlemsstater og Kommissionen underrettes herom , og at de graenser for lempelser , der gaelder i medfoer af artikel 17 , stk . 2 , til fordel for de af medlemsstaternes foretagender , som er etableret paa dens omraade , ikke overskrides .

WITHIN THE SAME TIME LIMIT , EACH MEMBER STATE SHALL ALSO INFORM THE OTHER MEMBER STATES AND THE COMMISSION OF THE AUTHORITIES OR BODIES TO WHICH THE DOCUMENTS REFERRED TO IN THIS ARTICLE ARE TO BE SUBMITTED IN SUPPORT OF AN APPLICATION TO CARRY ON IN THE TERRITORY OF THIS MEMBER STATE THE ACTIVITIES REFERRED TO IN ARTICLE 1 .

Artikel 37

TITLE V

1 . Saafremt en medlemsstat af sine statsborgere kraever bevis for haederlighed og bevis for , at de ikke tidligere har vaeret erklaeret konkurs , eller blot et af disse to beviser , skal denne stat som tilstraekkeligt bevis for statsborgere fra de oevrige medlemsstater godkende fremlaeggelse af en udskrift af strafferegistret , eller i mangel heraf , et tilsvarende dokument , udstedt af en kompetent retlig eller administrativ myndighed i den medlemsstat , der er hjemland eller seneste opholdsland , og hvoraf det fremgaar , at disse krav er opfyldt .

FINAL PROVISIONS

2 . Saafremt det i stk . 1 omhandlede dokument ikke udstedes i den medlemsstat , der er hjemland eller seneste opholdsland , kan det erstattes af en erklaering under ed - eller i stater , hvor en saadan edsaflaeggelse ikke finder sted , af en hoejtidelig erklaering - der afgives af den paagaeldende for en kompetent retslig eller administrativ myndighed , eller i givet fald for en notar i den medlemsstat , der er hjemland eller seneste opholdsland , og som afgiver en attestation til bekraeftelse af denne edsaflaeggelse eller hoejtidelige erklaering . Erklaeringen om , at der ikke foreligger eller har foreligget konkurs , kan ligeledes afgives for en kompetent erhvervsorganisation i samme land .

ARTICLE 38

3 . De i henhold til stk . 1 og 2 udstedte dokumenter maa ved deres forelaeggelse ikke vaere aeldre end 3 maaneder .

THE COMMISSION AND THE COMPETENT AUTHORITIES OF THE MEMBER STATES SHALL COLLABORATE CLOSELY FOR THE PURPOSE OF FACILITATING SUPERVISION OF DIRECT INSURANCE WITHIN THE COMMUNITY AND OF EXAMINING ANY DIFFICULTIES WHICH MIGHT ARISE IN THE APPLICATION OF THIS DIRECTIVE .

4 . Medlemsstaterne udpeger inden for en frist paa atten maaneder fra meddelelsen af dette direktiv de myndigheder og organer , der er kompetente med hensyn til udstedelse af de i stk . 1 og 2 omhandlede dokumenter , og underretter straks de oevrige medlemsstater og Kommissionen herom .

ARTICLE 39

Ligeledes underretter hver medlemsstat inden for samme frist de oevrige medlemsstater og Kommissionen om de myndigheder og organer , for hvilke de i denne artikel naevnte dokumenter skal forelaegges til stoette for ansoegningen om tilladelse til paa denne medlemsstats omraade at maatte udoeve de i artikel 1 naevnte former for virksomhed .

1 . THE COMMISSION SHALL SUBMIT TO THE COUNCIL , WITHIN SIX YEARS FROM THE DATE OF NOTIFICATION OF THIS DIRECTIVE , A REPORT DEALING WITH THE EFFECTS OF THE FINANCIAL REQUIREMENTS IMPOSED BY THIS DIRECTIVE ON THE SITUATION IN THE INSURANCE MARKETS OF THE MEMBER STATES . IF NECESSARY , THE COMMISSION SHALL SUBMIT INTERIM REPORTS TO THE COUNCIL BEFORE THE END OF THE TRANSITIONAL PERIOD PROVIDED FOR IN ARTICLE 33 ( 1 ) .

AFSNIT V

2 . FOLLOWING A PERIOD OF 10 YEARS FROM THE NOTIFICATION OF THIS DIRECTIVE , THE COMMISSION SHALL SUBMIT TO THE COUNCIL A REPORT DEALING WITH THE OPERATIONS OF THE TWO TYPES OF UNDERTAKINGS COVERED BY THIS DIRECTIVE : THAT IS TO SAY , THOSE UNDERTAKINGS WHICH CARRY ON SIMULTANEOUSLY THE ACTIVITY COVERED BY THE FIRST COORDINATION DIRECTIVE ( NON-LIFE INSURANCE ) IN ADDITION TO THE ACTIVITY COVERED BY THIS DIRECTIVE AND THOSE UNDERTAKINGS WHICH CARRY ON ONLY THE ACTIVITY COVERED BY THIS DIRECTIVE .

AFSLUTTENDE BESTEMMELSER

3 . THE COUNCIL , ACTING ON A PROPOSAL FROM THE COMMISSION , SHALL EVERY TWO YEARS EXAMINE AND , WHERE APPROPRIATE , REVIEW THE AMOUNTS EXPRESSED IN UNITS OF ACCOUNT IN THIS DIRECTIVE , IN THE LIGHT OF HOW THE COMMUNITY'S ECONOMIC AND MONETARY SITUATION HAS EVOLVED . THE COMMISSION SHALL SUBMIT ITS FIRST PROPOSAL IN THIS CONNECTION TO THE COUNCIL AT THE TIME AS A PROPOSAL CONCERNING NON-LIFE INSURANCE , AS LAID DOWN IN ARTICLE 3 OF DIRECTIVE 76/580/EEC ( 8 ) , AND NOT LATER THAN FOUR YEARS AFTER THE DATE OF NOTIFICATION OF THIS DIRECTIVE .

Artikel 38

ARTICLE 40

Kommissionen og medlemsstaternes kompetente myndigheder arbejder snaevert sammen med henblik paa at lette tilsynet med direkte forsikring inden for Faellesskabet og at undersoege de vanskeligheder , der maatte opstaa ved gennemfoerelsen af dette direktiv .

MEMBER STATES SHALL AMEND THEIR NATIONAL PROVISIONS TO COMPLY WITH THIS DIRECTIVE WITHIN 18 MONTHS OF ITS NOTIFICATION AND SHALL FORTHWITH INFORM THE COMMISSION THEREOF . THE PROVISIONS THUS AMENDED SHALL , SUBJECT TO ARTICLES 33 TO 36 , BE APPLIED WITHIN 30 MONTHS FROM THE DATE OF NOTIFICATION .

Artikel 39

ARTICLE 41

1 . Inden seks aar efter meddelelsen af dette direktiv forelaegger Kommissionen Raadet en beretning omhandlende den indflydelse , som de i dette direktiv fastsatte finansielle krav har haft paa situationen paa forsikringsmarkedet i medlemsstaterne . Om fornoedent forelaegger Kommissionen Raadet mellemliggende beretninger inden udgangen af den i artikel 33 , stk . 1 , fastsatte overgangsperiode .

FOLLOWING NOTIFICATION OF THIS DIRECTIVE , MEMBER STATES SHALL COMMUNICATE THE TEXTS OF THE MAIN PROVISIONS OF A LEGISLATIVE , REGULATORY OR ADMINISTRATIVE NATURE WHICH THEY ADOPT IN THE FIELD COVERED BY THIS DIRECTIVE TO THE COMMISSION .

2 . Efter en periode paa ti aar fra meddelelsen af dette direktiv forelaegger Kommissionen Raadet en beretning om aktiviteterne i de to typer foretagender , der falder ind under dette direktivs anvendelsesomraade , dvs . foretagender , som samtidigt udoever de former for virksomhed , der er omhandlet i foerste samordningsdirektiv vedroerende skadesforsikring , og de former for virksomhed , der er omhandlet i dette direktiv , samt foretagender , som kun udoever de former for virksomhed , der er omhandlet i dette direktiv .

ARTICLE 42

3 . Raadet foretager paa forslag fra Kommissionen hvert andet aar en gennemgang og i givet fald en revision af de beloeb , der i dette direktiv er anfoert i regningsenheder , idet det tager hensyn til udviklingen i den oekonomiske og monetaere situation inden for Faellesskabet . Kommissionen forelaegger Raadet sit foerste forslag herom samtidig med et forslag om skadesforsikring i henhold til artikel 3 i direktiv 76/580/EOEF ( 8 ) og senest fire aar efter naervaerende direktivs meddelelse .

THIS DIRECTIVE IS ADDRESSED TO THE MEMBER STATES .

Artikel 40

DONE AT BRUSSELS , 5 MARCH 1979 .

Medlemsstaterne aendrer deres bestemmelser i overensstemmelse med dette direktiv inden en frist paa atten maaneder fra dets meddelelse og underretter omgaaende Kommissionen herom . De saaledes aendrede bestemmelser gennemfoeres med forbehold af artikel 33 - 36 inden en frist paa tredive maaneder efter denne meddelelse .

FOR THE COUNCIL

Artikel 41

THE PRESIDENT

Efter meddelelsen af dette direktiv tilsender medlemsstaterne Kommissionen teksten til de vigtigste administrativt eller ved lov fastsatte bestemmelser , som de udsteder paa det af dette direktiv omfattede omraade .

J . FRANCOIS-PONCET

Artikel 42

( 1 ) OJ NO C 35 , 28 . 3 . 1974 , P . 9 .

Dette direktiv er rettet til medlemsstaterne .

( 2 ) OJ NO C 140 , 13 . 11 . 1974 , P . 44 .

Udfaerdiget i Bruxelles , den 5 . marts 1979 .

( 3 ) OJ NO C 109 , 19 . 9 . 1974 , P . 1 .

Paa Raadets vegne

( 4 ) OJ NO L 228 , 16 . 8 . 1973 , P . 20 .

J . FRANCOIS-PONCET

( 5 ) OJ NO L 228 , 16 . 8 . 1973 , P . 3 .

Formand

( 6 ) OJ NO L 356 , 31 . 12 . 1977 , P . 1 .

( 1 ) EFT nr . C 35 af 28 . 3 . 1974 , s . 9 .

( 7 ) OJ NO L 222 , 14 . 8 . 1978 , P . 11 .

( 2 ) EFT nr . C 140 af 13 . 11 . 1974 , s . 44 .

( 8 ) OJ NO L 189 , 13 . 7 . 1976 , P . 13 .

( 3 ) EFT nr . C 109 af 19 . 9 . 1974 , s . 1 .

ANNEX

( 4 ) EFT nr . L 228 af 16 . 8 . 1973 , s . 20 .

CLASSES OF INSURANCE

( 5 ) EFT nr . L 228 af 16 . 8 . 1973 , s . 3 .

I . THE ASSURANCE REFERRED TO IN ARTICLE 1 ( 1 ) ( A ) , ( B ) AND ( C ) EXCLUDING THOSE REFERRED TO IN II AND III

( 6 ) EFT nr . L 356 af 31 . 12 . 1977 , s . 1 .

II . MARRIAGE ASSURANCE , BIRTH ASSURANCE

( 7 ) EFT nr . L 222 af 14 . 8 . 1978 , s . 11 .

III . THE ASSURANCE REFERRED TO IN ARTICLE 1 ( 1 ) ( A ) AND ( B ) , WHICH ARE LINKED TO INVESTMENT FUNDS

( 8 ) EFT nr . L 189 af 13 . 7 . 1976 , s . 13 .

IV . PERMANENT HEALTH INSURANCE , REFERRED TO IN ARTICLE 1 ( 1 ) ( D )

BILAG

V . TONTINES , REFERRED TO IN ARTICLE 1 ( 2 ) ( A )

Inddeling efter klasse

VI . CAPITAL REDEMPTION OPERATIONS , REFERRED TO IN ARTICLE 1 ( 2 ) ( B )

I . Forsikringsformer omhandlet i artikel 1 , nr . 1 , litra a ) , b ) og c ) , undtagen de i punkt II og III omhandlede

VII . MANAGEMENT OF GROUP PENSION FUNDS , REFERRED TO IN ARTICLE 1 ( 2 ) ( C ) AND ( D )

II . Forsikring som kommer til udbetaling ved aegteskab ; forsikring , som kommer til udbetaling ved foedsel

VIII . THE OPERATIONS REFERRED TO IN ARTICLE 1 ( 2 ) ( E )

III . Forsikring , der er tilknyttet investeringsfonds , og som er omhandlet i artikel 1 , nr . 1 , litra a ) og b )

IX . THE OPERATIONS REFERRED TO IN ARTICLE 1 ( 3 )

IV . " Permanent health insurance " omhandlet i artikel 1 , nr . 1 , litra d )

V . Tontine-virksomhed omhandlet i artikel 1 , nr . 2 , litra a )

VI . Kapitaliseringsvirksomhed omhandlet i artikel 1 , nr . 2 , litra b )

VII . Forvaltning af kollektive pensionsmidler omhandlet i artikel 1 , nr . 2 , litra c ) og d )

VIII . De former for virksomhed , der er omhandlet i artikel 1 , nr . 2 , litra e )

IX . De former for virksomhed , der er omhandlet i artikel 1 , nr . 3 .